The International Skating Union said a further seven skaters would also be allowed to return to competition but did not give their names.
Witt, 27, retired from competition to skate in professional shows and make films after winning her second Olympic gold at the 1988 Calgary Games. She now wants to resume her partnership with her former coach, Jutta Muller.
An ISU statement said: 'There was little discussion and no disagreement when the ISU handled the application from Katarina Witt to regain her amateur status.'
Other leading skaters who have been considering a return to competition in 1994 include the British ice dancers, Jayne Torvill and Christopher Dean, the 1984 Olympic gold medal winners and four- times world champions.
The world and Olympic pairs champions, the Russian Artur Dmitriev and Natalia Mishkutienok of Belarus, have also been considering taking part in the 1994 Games.