Chris Newton and Bryan Steel will receive medals for their part in Great Britain's silver-medal winning team pursuit performance.
An appeal to the International Olympic Committee was made after the duo were denied medals because they only took part in the heats and not the final.
Paul Manning, Bradley Wiggins, Rob Hayles and Steve Cummings rode in the final quartet beaten by Australia.
Newton had earlier replaced Hayles while Steel stepped in for Wiggins.
"I can happily report that Chris and Bryan will now receive the silver medals that their efforts deserve," said the British Olympic Association's chef de mission Simon Clegg.
"Unfortunately as they have now returned home, we will not be able to present
them here in Athens, but will do so at an appropriate time and place as soon
after our return as possible."
The medal will be some comfort to Newton, who saw his individual title hopes sink after he dropped out of the cycling points race.