Stankovic was shown the red card in last month's 3-0 defeat at Siena for foul and abusive language towards a linesman.
He was hit with a four-match ban but Lazio appealed to the Italian Disciplinary Commission and the Serbo-Montenegrin has had the suspension cut by one game.
The gifted schemer has already served one match of the ban - the 2-0 victory over Juventus - but he will also miss the pre-Christmas clashes against Ancona and his suitors Internazionale.
Stankovic will be back at coach Roberto Mancini's disposal for the first Serie A fixture of the New Year against Reggina on January 6.
The 25-year-old, who is out of contract at the end of the season, also affirmed his intention to stay at Stadio Olimpico until June.
Lazio's UEFA Champions League exit sparked renewed rumours that Stankovic would move on during January's transfer window but he has reiterated his stance that he will remain in the Italian capital.
He said: "Will I stay at Lazio until June? Yes."
