The Turkish club had been given a two-year suspension from European competition but has been handed a temporary reprieve.
Despite finishing as runner-up in the Super Lig in 2012-13, the Istanbul club was facing the possibility of missing the forthcoming Champions League campaign after the European governing body banned it for 24 months for its part in the Turkish match-fixing and corruption scandal.
However, president Aziz Yildirim announced on Thursday that Fenerbahce has 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, which reached the semifinals of last season's Europa League, will be included in Friday's Champions League third qualifying round draw, although the final decision on the club's case could yet result in it 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 the club having already been imposed a competition ban in 2011-12 relating to the same scandal.