Royals said they would try and overturn the decision by lodging an appeal with the Football League.
But the clubs stated today that after 'careful consideration' they will no longer be objecting.
Roberts, 34, will now miss Reading's final league game of the season at Birmingham City this Saturday (12.30pm ko) plus the first two games in the Premier League next season.
Reading's 12-goal leading scorer, Adam Le Fondre, is set to take his place for the trip to St Andrew's as Brian McDermott's title-winning side look to end their season in style.
More than 2,000 Royals fans will also be travelling to the Midlands in full party mode, many wearing fancy dress and carrying inflatables.