Former UFC light heavyweight champion Jon Jones has been formally reinstated, the organization announced Friday. The two sides are currently discussing Jones return date to the octagon.

UFC Chairman and CEO Lorenzo Fertitta said in a statement "We've made it clear to Jon that this new opportunity to compete in UFC is a privilege and not a right, and that there are significant expectations we have regarding his conduct moving forward. We’re happy to read and see reports that he has embraced the terms of his plea agreement and is using this experience to grow and develop as a person.”

Jones also made a statement of his own saying "It took me losing almost everything I had worked for to realize how much I had. I am blessed and humbled by the continued support of the MMA community and I can't thank my fans enough for their unwavering support through my ups and downs. This marks the beginning of a new chapter in my life and my career and let me assure you, the best is yet to come."

Jones was stripped of his title, which he held for four years, back in April after being arrested for felony hit-and-run charges.

He plead guilty to a felony charge of leaving the scene of an accident last month and was able to avoid jail time by agreeing to serve 18 months of supervised probation and 72 charity appearances.

With the light heavyweight title up for grabs, Daniel Cormier claimed the belt back in May at UFC 187. Jones previously defeated Cormier at UFC 182 and with Jones now being reinstated fans are sure to want a rematch in the near future as Jones is still considered the best fighter in the light heaveyweight division.