Terry missed the victory in the final over Bayern Munich in May through suspension as it was the first match of his ban following his red card in the semi-final second leg against Barcelona.
That ban was set to extend into this season's campaign, with Terry due to miss the London club's first group match as well as the one-off European Super Cup clash against Europa League winners Atletico Madrid on August 31.
However, UEFA's appeals body has partially upheld an appeal made by the Blues and has deferred the final part of the three-match ban for a probationary period of three years.
The deferral means that Terry, 31, will still have to serve the one-match ban at a later date should he become subject to any disciplinary measures during that period.
- Bayern Munich