Sergio Henao will return to racing for Team Sky with no action taken after he supplied more information regarding his biological passport values following a request from the Cycling Anti-Doping Foundation (CADF).
The Colombian was stood down by Team Sky for three months in 2014 following out-of-competition control tests taken at altitude in his homeland.
Henao's explanations were sent to the UCI for review, where "independent experts came to the conclusion that there was no basis to proceed further".
The 28-year-old will now return to action in the coming weeks.
"I am happy that this is finally over. It's been a difficult period for me but I know I have done nothing wrong, so I was confident that the UCI would come to this decision. I am looking forward to getting back on the team and racing," said Henao in a statement.
Team Sky team principal Dave Brailsford said: "We are pleased but not surprised by this outcome. We have always believed in Sergio and he has always had our full support.
"This decision obviously means he can now get back to racing and I am sure he will be ready to make a big contribution to the team during the rest of the season.
"What this process has highlighted is the gap in research regarding the physiology of athletes like Sergio who are born and raised at altitude and who continue to spend prolonged periods of time living at altitude.
"This is something I am sure that the anti-doping authorities will want to look at further in the interests of clean competition but also in the interests of others like Sergio."