Tracy Chandler, 40, appeared in the risqué shoot in the Sunday Sport with Donny the Dog's head, and Doncaster then decided to sack her by email saying she had "disgraced the club".
However, Doncaster have reversed the decision after a wave of negative publicity, especially after Chandler revealed she had only done the shoot for charity.
"As far as I'm concerned I'm going to put this whole thing to bed and let Tracy get on (with her job as mascot)," club chairman John Ryan told the BBC.
"The Sunday Sport and a mascot designed for children is not an ideal mix...but it has become a storm in a tea cup and I hope to sort things out."
Chandler had previously said she was devastated to be sacked from the role she has performed on a voluntary basis for the last three years, and she revealed that the purpose of the photo shoot was to raise money for NSPCC.
"I'm absolutely devastated. I've not stopped crying all morning," she told BBC Five LIVE during one of many media appearances after her sacking.
"It (the email) just said that they didn't need my services anymore and that I'd disgraced the club."
"I've raised a lot of money for charity. I've fetched Donny Dog out of hiding. I'm the one who pushed him into charity work."