It comes after famous cast members from the Marvel series signed an open letter pleading for Gunn’s return.
In a tweet he thanked Disney and his supporters and said he is “excited to continue making films that investigate the ties of love that bind us all”.
He was fired last July over the tweets that Disney called “indefensible”.
Stars from the first two films in the franchise had openly supported Gunn after his dismissal, including Bradley Cooper, Chris Pratt, Zoe Saldana, Vin Diesel and Dave Bautista.
The Guardians of the Galaxy series has grossed over $1.6bn (£1.2bn) worldwide, with the sequel surpassing the earnings seen by the first film.
According to Deadline, the decision was made by Disney executives months ago after he publicly apologised in July and took blame for the incident.
He will reportedly begin production of Guardians of the Galaxy 3 after he completes Suicide Squad 2, which is being producing by Marvel rival DC, Deadline reports.
- Could Disney re-hire James Gunn for Guardians?
Before his dismissal, he confirmed that he had written the script for a third Guardians movie.
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