Alexis MacAllister's red card against Bournemouth was overturned on Tuesday after Liverpool appealed the controversial punishment.
Referee Thomas Bramall ejected Mac Allister after catching Bournemouth player Ryan Christie on foot in the 58th minute of Liverpool's 3-1 Premier League triumph on Saturday.
Liverpool manager Jurgen Klopp was incensed by the decision, claiming that Mac Allister's absence for much of the second half should be the only punishment he gets.
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Mac Allister would have been suspended for three games if the ban had been maintained, but he is now free to rejoin the team.
"Alexis Mac Allister's three-match suspension has been lifted by an independent regulatory commission following a claim of wrongful dismissal," a Football Association official said.
In response to the FA ruling, Liverpool stated: "A club appeal against the suspension has now been upheld by an independent regulatory commission, meaning Mac Allister is eligible for selection when the Reds travel to Newcastle United on Sunday."
