The 75-year-old Nuzman was arrested two weeks ago amid an investigation into a vote-buying scheme to bring the games to Rio. He is expected to leave prison today.
Members of Brazil's Superior Tribunal of Justice decided Nuzman's arrest was not proportional to the accusations made against him.
The court also said Nuzman, former president of the Brazilian Olympic Committee, cannot leave Brazil.
On Wednesday, Brazilian prosecutors announced several formal charges against the sports executive, including corruption, money laundering, tax evasion and running a criminal organisation.
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