The 29-year-old was shown a straight red card in the 2-2 draw with Parma on February 24, after an altercation with Gianni Munari, who was handed a one-match suspension.
Valero's punishment was more severe as he put his hands on referee Andrea Gervasoni in protestation, with the original judgement ruling that Valero "placed one hand on the referee's shoulder, pushing him",
The Spaniard vehemently denied that version of events, and said the referees report had shown a "lack of respect" by questioning his integrity.
Fiorentina subsequently appealed the decision and, though it was not completely overturned, his ban has been reduced.
"Borja Valero's four-match suspension in Serie A has been reduced to three games by the FIGC following Fiorentina's appeal," Fiorentina wrote on their official Twitter account.
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