The Court of Arbitration for Sport has suspended the Turkish club's two-year European ban for their role in a match-fixing scandal, according to president Aziz YildirimFenerbahce's two-year Uefa ban, according to the Turkish side's president.
Despite finishing as runners-up in the Super Lig in 2012-13, the Istanbul club were facing the possibility of missing the forthcoming Champions League campaign after the European governing body banned them for 24 months for their part in the Turkish match-fixing and corruption scandal.
However, president Aziz Yildirim announced on Thursday that Fenerbahce have been given a temporary reprieve by CAS which will allow them to take their place in the 2013-14 Champions League preliminary rounds.
"The Fenerbahce football team will participate in the Champions League this season," Yildirim told the club's official TV channel.
"We'll move on, starting with Friday's draw. Enjoy this. I thank our lawyers here and vow that we'll fight until the end. The world and Turkey will see that Fenerbahce are right."
The decision means that the club, who reached the semi-finals of last season's Europa League, will be included in Friday's Champions League third qualifying round draw, although the final decision on their case could yet result in them being prohibited from participation in the group stage of the competition.
The Uefa ban had been met with a furious reaction in Turkey, with Fenerbahce's players understood to be preparing to lobby the European body over the severity of the penalty in light of them having already been imposed a previous competition ban in 2011-12 relating to the same scandal.