The Serbian club had been given ban from Champions League and Europa League for three years
Serbian top flight club Partizan Belgrade have had their three year ban from taking part in European competitions overturned.
The suspension from the Champions League and Europa League had been related to unpaid debts and announced in January by UEFA.
The three year ban had been due to expire at the end of the 2019-2020 season.
But the Court of Arbitration of Sports (CAS) has confirmed that a settlement has been agreed.
In a statement, CAS confirmed: "On 13 December 2016, the CFCB AC determined that FK Partizan had failed to satisfy the overdue payables requirements in the CL&FFPR (in particular, with regard to certain amounts owed to the Serbian tax authority). Accordingly, the CFCB AC decided to exclude the club from participating in the next UEFA club competition for which it would otherwise qualify in the next three seasons.
"Following the opening of CAS proceedings, new evidence was presented which clarified FK Partizan's overdue payables position with the Serbian tax authority. On this basis, the parties have agreed that the exclusion imposed by the CFCB AC shall be deemed to have been made conditional on the club's timely payment of the other overdue payables identified as at 30 September 2016. Taking into account the fact that FK Partizan has satisfied this condition, the club will be eligible to compete in future UEFA club competitions."
Since the break up of Yugoslavia, Serbia have won their national league seven times, with the most recent triumph coming in 2015.
They have also won the Serbian Cup four times in the last 10 years.
The club regularly qualify for European competition. In the 2010-11 season, they took on Irish record champions Shamrock Rovers in a playoff for a place in the Europa League group stages with the Dublin side prevailing and making history with a 3-2 aggregate win.