The Stones were told never to come back to the seaside town after their 1964 gig at the Empress Ballroom ended in a riot.
Blackpool council leader Peter Callow admitted he wanted to rescind the ban.
"We are writing to the group to say the ban has been lifted and they are welcome to play here again," Callow said.
Trouble started at the gig when some audience members began to spit at guitarist Brian Jones. Keith Richards is alleged to have then stood on a man's hand and kicked him in the face before fleeing from the stage.
Rioters smashed crystal chandeliers, ripped out seats and destroyed a Steinway piano. Some audience members had to be treated at hospital.
A spokeswoman for the Stones said the band currently had no plans to tour.