The Dutchman was dismissed in the 1-0 win over Hannover at the weekend after a reckless tackle on Manuel Schiemedach and was initially slapped with a six-game suspension for his action.
Schalke appealed the decision, though, and Huntelaar's suspension has now been reduced by two games, which have been turned into a suspended sentence.
The 31-year-old has already missed Schalke's 1-1 draw with Bayern due to the punishment and will also be forced to sit out the games against Borussia Monchengladbach, Eintracht Frankfurt and Werder Bremen.
He could make his comeback in the derby versus Borussia Dortmund on February 28.
Alongside the suspension, the Schalke forward has also been ordered to pay a €15,000 fine.
Huntelaar has been a key figure for Schalke so far this term, scoring seven goals in 17 Bundesliga appearances.
