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Published 12:18 20 Dec 2016 GMT
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Manchester United have been heavily linked with Benzema ever since Jose Mourinho took charge at Old Trafford.
Tuesday's ruling at least increases the possibility of Benzema strutting his stuff on the Old Trafford turf come the 2017/2018 Premier League season.
Or the Emirates, if Arsene Wenger firms up his long-held interest in the striker.
The full statement from Real Madrid relating to the appeal is below.
"The Court of Arbitration for Sport (CAS) has today informed Real Madrid C. F. of their decision by which they have partially upheld the appeal lodged by the club against the FIFA resolution which imposed a sanction forbidding the signing of players for two transfer windows, reducing said sanction to just one period, corresponding to the January 2017 transfer window. "The decision highlights the injustice of the original ban imposed by FIFA, although the club regrets that the CAS lacked the courage to revoke the ruling entirely."
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