The Colombian winger was handed a three-game ban for 'serious rough play' after he was sent off in a 2-1 Champions League victory over holders Paris St Germain in November.
UEFA said his appeal on the charges was upheld, without delving into the reasons behind the decision, making the 28-year-old available for Bayern's game against Belgium’s Union Saint-Gilloise in January.
Bayern sit third in the Champions League table with 12 points across five games, having lost only to Arsenal in the tournament so far. They will next host Sporting on Tuesday.