Ukraine international Mudryk, who returned an adverse analytical finding in an anti-doping test in October 2024, was given a four-year ban by the FA in April that ran until 2028, which he appealed at the Court of Arbitration for Sport.
The FA, Mudryk and WADA reached an agreement on Thursday to resolve the appeal proceedings, the FA said in a statement.
"As a part of the agreement, Mr Mudryk accepted that he had committed the ADRVs (Anti-Doping Rule Violations) charged and acceded to a period of ineligibility equal to the time served at the date of the agreement."
The FA noted that Mudryk would not have returned an adverse finding under WADA's current technical document, due to changes made after the 25-year-old tested positive.
"If Mr Mudryk's sample was collected today, the concentration of meldonium in the sample would not have been reported and no ADRVs would have resulted," the FA added.
Mudryk said the suspension was the most difficult period of his career.
"I am grateful that this process has reached a conclusion, that I have been cleared to return to football and that I can now look ahead to my future," he said in a statement.
"As I have always maintained from the outset of this case, I have never knowingly or intentionally taken any banned substance. My commitment to competing fairly and representing my club and country with professionalism and integrity has always been important to me."
Chelsea, who have supported Mudryk throughout the ordeal, said they would now focus on helping him resume his career.
"We know how much this opportunity to return means to him," the club said.
"Everyone at the club now looks forward to helping Misha return to full fitness, back into the squad and back onto the pitch."
Chelsea begin their Premier League campaign at local West London rivals Fulham on August 24th.