Along with Juve coach
Antonio Conte, Alessio was dealt a lengthy ban by the Italian Football Federation (FIGC) on 10 August for allegedly failing to report two incidents of match-fixing while in charge of Siena.
But a statement on the Italian Olympic Committee's official website on Fridau read: "The TNAs announces that, in connection with the dispute A.Alessio / FIGC, the Arbitration has dismissed the main claim made by
Angelo Alessio, while partially upheld the alternative claim formulated and have imposed on him the penalty of disqualification until 15 October 2012."
The decision means the 47-year-old can return to the Juve bench for the eagerly-awaited top-of-the-table encounter against fellow Serie A leader Napoli after the international break.
Last week, Conte had his suspension from football reduced by six months and he will be available to take charge of Juve's Serie A game at Palermo on 9 December.