Holyfield's license to fight in Nevada was suspended after he was diagnosed with a minor heart problem.
The five-member medical advisory board voted unanimously Tuesday to lift the suspension and allow him to be licensed, and to monitor his workouts and keep track of his medical records.
Holyfield, 32, lost his WBA and IBF heavyweight titles in a 12-round decision to Michael Moorer in April.
He is intent on winning the heavyweight title a third time, and is scheduled to fight Mike Weaver on March 25 in Beijing.
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