The NFL has ended the head coach's suspension from the league for his involvement in a scheme which saw players offered financial incentives to injure their opponents.
Payton said in a statement: "I am thankful today Commissioner [Roger] Goodell has granted me reinstatement.
"I clearly recognise that mistakes were made, which led to league violations. Furthermore, I have assured the Commissioner a more diligent protocol will be followed.
Lastly, I feel we have learned from our mistakes and are ready to move forward. I am excited to be back as Head Coach of the New Orleans Saints."
New Orleans missed out on the playoffs in their season without Payton, wining seven games and losing nine.
The Saints' home stadium, the Mercedes-Benz Superdome, hosts the Super Bowl next month.