Barcelona will be able to buy and sell players this summer after all - and Fifa's u-turn could have significant ramifications for each of England's biggest clubs.
Earlier this month the Catalan club were given the 14-month ban after being found to have breached rules on signing international players under the age of 18.
However, Barcelona lodged an appeal before the Fifa Appeal Committee and asked for the ban to be suspended. Due to the complexity of the issue, Fifa have granted a suspension.
The decision means that Barca will be able to fight England's top clubs for new signings this summer, and their targets are likely to include several players coveted by the Premier League's elite.
However, it also means they are likely to sell one of their biggest stars, a player who has been hotly pursued by officials at both Old Trafford and the Emirates.
Here's how Barcelona are likely to respond to the transfer ban - and how their actions will affect the English elite.
United back for Cesc?
Cesc Fabregas has failed to impress since his re-joining boyhood club from Arsenal, having found himself playing out of position on many occasions.
According to various reports in Spain, Fabregas has been told that he will be part of a squad clear out this summer – and if a suitable offer arrives he can leave.
United desperately tried to sign the player last summer, and Arsenal boss Arsene Wenger has repeatedly been linked with a move for his former captain.
Wenger may well be tempted to bid for Fabregas this summer, knowing the positive effect it would have on the Emirates. However, with United changing their manager, it remains to be seen whether a bid is lodged from Old Trafford.
Reus to roll into town?
If Fabregas does leave the Camp Nou, it appears another long-time United target, Borussia Dortmund star Marco Reus, is the most likely man to replace him.
The 24-year-old, Real Madrid's tormentor in the quarter-finals of the Champions League - has netted 29 goals in 59 appearances since re-joining Dortmund from Monchengladbach two years ago, and has been a key player in the success enjoyed by Jurgen Klopp's team.
If Klopp moves to Old Trafford, a move which would be welcomed by many United supporters, he will surely attempt to bring Reus with him - meaning a straight fight with Barca.
Luis, Agger or Kompany?
Meanwhile, it appears one of the Premier League's most high-profile defenders is likely to move to Catalonia, to replace the retiring Carles Puyol.
The most likely signing appears to be David Luiz, who has been strongly linked with the Camp Nou over recent months. Indeed, it is expected a bid of £24.7m will be lodged for the 26-year-old Brazil international before the start of the World Cup in June.
Luiz, who joined Chelsea in January 2011 in a reported £21.5m deal from Benfica, had a successful season at Stamford Bridge under manager Rafael Benitez last campaign but since Jose Mourinho's arrival he has struggled to make a mark on the first team. His departure would likely spark mixed reactions among fans at Stamford Bridge, where Luiz is a cult hero to some and a tragic buffoon to others.
Other potential targets for Barcelona include Liverpool's Daniel Agger and Manchester City's Vincent Kompany. Although Barca would face a more difficult fight to bring them to Spain, Agger and Kompany would leave huge holes at their respective clubs, where they have become beacons of stability and durability over recent seasons.
Before the ban, Barcelona agreed a deal to sign Borussia Moenchengladbach's German goalkeeper Marc-Andre ter Stegen to replace Valdes for around £10m - a deal which frustrated Arsenal, who had also been monitoring the player.
Despite his tender age and lack of Champions League experience, the German stopper has been on Barcelona's radar for a long time and it seems the move is now close to reality.
Barca also announced the signing of the 17-year-old Alen "Croatian Messi" Halilovic for £1.8m from Dinamo Zagreb, frustrating a host of Premier League clubs, most notably Tottenham, who had been desperate to sign the young playmaker.
When Fifa announced the transfer ban, it appears the Halilovic deal would be torn up. But now the move is back on, meaning Spurs are likely to be frustrated all over again.