The 18-year-old left-back’s first-half dismissal at Molineux, for a trip on Matt Doherty during a Wolves counter-attack following an Arsenal corner, has been overturned.
This decision contrasts with the lack of VAR intervention at the time, a point of contention for Arsenal manager Mikel Arteta.
“Obviously (I’m) really happy that the decision has been made and Myles is going to be available for us,” Arteta told a news conference on Tuesday ahead of Arsenal’s Champions League clash with Girona.
Former England captain Alan Shearer was one of a number of outspoken critics of the red card, describing it as “one of the worst decisions that I’ve seen in a long time”.
The Football Association said in a statement: “An independent regulatory commission has upheld a claim of wrongful dismissal in relation to Myles Lewis-Skelly and removed his three-match suspension.”
Lewis-Skelly, who has impressed in his breakthrough season with the Gunners’ first team, is now free to face Manchester City and Leicester in the Premier League, either side of the second leg of Arsenal’s League Cup semi-final against Newcastle.
Despite playing for nearly half an hour a man down before Wolves’ Joao Gomes was also sent off, Arsenal struck late through Riccardo Calafiori to remain six points behind Premier League leaders Liverpool.
After the match, Oliver faced threats and abuse on social media, which were investigated by police.
“We have to try hard to eradicate (abuse) from the game,” said Arteta.
“It certainly damages our sport, so let’s get it out.”
Arsenal seeks to secure direct qualification to the UEFA Champions League Round of 16 on Wednesday against already-eliminated Girona.
Currently third in the standings, Arteta’s team is highly unlikely to fall outside the top eight. Arsenal has yet to win the Champions League and last secured a major trophy in 2020 with their FA Cup victory.
“We have been very close to big titles in the last few years but that’s very difficult in football,” added Arteta.
“Tomorrow we must earn our qualification.”