Michael Murphy will be available for the Ulster SFC semi-final against Tyrone after winning his appeal against the red card in the win over Cavan.
The Donegal captain's appeal against Sunday's controversial dismissal was heard by the GAA's Central Hearings Committee on Thursday evening.
Donegal boss Jim McGuinness had insisted that Murphy should be cleared.
Monaghan's Dick Clerkin also had his dismissal in the defeat by Tyrone overturned on Thursday night.
Clerkin was sent-off by referee Cormac Reilly in the first half of Monaghan's two-point defeat by the Ulster champions after being handed two yellow cards.
The second caution has now being expunged from the record.
The decision on the Clerkin case is unlikely to reduce Monaghan's sense of grievance about the Meath referee's performance in the Ulster quarter-final.
In the case of Murphy, video evidence suggested that referee Marty Duffy's decision has been harsh.
However, Donegal sources reckoned that Murphy's chances of being exonerated were no better than "50/50".
On Sunday, Donegal assistant boss Rory Gallagher spoke of his conviction that Murphy had been incorrectly dismissed.
"We don't even need to see the video," Gallagher told BBC Sport.
"He didn't strike anybody."
The general consensus appeared to be that Donegal skipper Murphy had been harshly dealt with by Sligo referee Duffy.
Murphy appeared to indulge in some off-the-ball shoulder to shoulder stuff with Damien Reilly before the Cavan defender ended up on the floor.