The League said the 58-year-old breached its "fit and proper" ownership test after being found guilty of tax evasion in his native Italy.
Cellino had until 29 December to resign as a club director but that deadline has been deferred until two days after the appeal decision, if unsuccessful.
Any ban will also be deferred.
Cellino would have been banned until 18 March if he had not appealed, but that date will be pushed back if his disqualification is not overturned - because the suspension would be starting later than originally designated.
He was fined £502,000 (600,000 euros) in March this year after being found guilty of failing to pay import duty on his yacht.
The League subsequently blocked his deal to take over Leeds, but an independent QC overturned the decision on appeal in April, allowing the takeover to go through.