Marco Pantani has been banned for eight months following a drugs investigation.
The suspension was imposed by the disciplinary commission of the Italian Cycling Federation.
The punishment followed an investigation into forbidden substances seized during police raids at the hotels of competing teams during last year's Giro d'Italia.
Anti-doping prosecutors of the Italian Olympic Committee had recommended a one-year suspension for Pantani, a Giro and Tour de France winner in 1998.
Pantani - known as the Pirate - was investigated after an insulin-filled syringe was found in his hotel room.
Insulin, commonly used by diabetics, also aids the circulation of growth hormones, which can build muscle mass and increase endurance.
Pantani maintained that the insulin was not his.
The Mercatone Uno captain has been under fire since 1999, when he failed a random blood test and was kicked out of the Giro that he was dominating.
This year's Giro was also rocked by doping scandals with top Italian riders Gilberto Simoni and Stefano Garzelli forced to leave the race and three other cyclists detained in doping-related investigations.