NFL Network's Ian Rapoport added the ban was reduced from four games to three on appeal after Snead violated the league's policy on substances of abuse.
According to ESPN.com's Adam Schefter, Snead's suspension stemmed from a DUI during the offseason.
Snead released a statement on the incident:
Snead has never been one to produce big games, but he's steadily emerged as an invaluable component of the Saints' passing attack.
Last year, Snead caught a career-high 72 passes for 895 yards and four touchdowns. He also finished third among all Saints receivers behind Michael Thomas and Brandin Cooks by racking up 104 targets in 15 games.
Ted Ginn Jr. should operate as the team's go-to burner opposite Thomas, while Brandon Coleman and tight end Coby Fleener both figure to be in line for bigger roles against the Minnesota Vikings, Patriots and Carolina Panthers.