Pakistan Muslim League-Nawaz (PML-N) supremo Nawaz Sharif and Istehkam-e-Pakistan Party (IPP) chief Jahangir Khan Tareen will be among those who benefit from the move.
The Supreme Court had disqualified both senior politicians in June and December 2017, respectively, after they were found to be "dishonest" under Article 62(1)(f) of the Constitution.
The Senate had earlier this month approved the bill seeking amendments to Section 232 (Qualifications and Disqualifications) of the Election Act, 2017.