Cellino, whose suspension was due to start on Saturday, has taken his challenge to the FA’s arbitration scheme after failing with a previous attempt to overturn the ruling against him.
The 60-year-old was punished with an 18-month ban and a Â£250,000 fine in December after he was found guilty of sanctioning an illegal payment in the sale of Ross McCormack from Leeds to Fulham in 2014.
An appeal last month saw his ban reduced to 12 months and his fine cut to Â£100,000 but the panel upheld the guilty verdict against the Italian.
Cellino had been ordered to resign from United's board but the FA announced tonight that it had delayed the sanctions - little over 24 hours before the suspension was due to start.
A statement read: “On February 3, 2017, Cellino’s 18-month suspension for breaching the FA’s football agent regulations was reduced to 12 months following a successful appeal. The Leeds United owner also had his Â£250,000 fine reduced to Â£100,000.
“The sanctions imposed by an FA appeal board against Cellino have now been stayed pending the outcome of a legal challenge brought by Cellino in arbitration pursuant to FA Rule K.
“Cellino alleges the decision of the FA appeal board was irrational, procedurally unfair, and that there was apparent bias. All other aspects of the arbitration shall remain confidential until such time as a decision has been made.”