The 31-year-old won the gold medal in the 800m at London 2012 and also took the golds at the World Championships in 2011 and the World Indoor Championships in 2010.
This followed the release of a World Anti-Doping Agency (Wada) report at the end of 2015 which recommended Savinova receive a "lifetime ban from sport".
"As a outcome, a four-year period of ineligibility, beginning on (Aug. 24, 2015) has been imposed on Mariya Savinova-Farnosova and all results achieved by her between (July 26, 2010) and (Aug. 19, 2013) are disqualified and any prizes, medals, prize and appearance money forfeited", the Court of Arbitration statement said.More news: Win 1 of 5 Fifty Shades Darker Hampers
If the International Olympic Committee decides to reallocate the medals from the 2012 final, Semenya will add that gold medal to the one she won a year ago in Rio de Janeiro.
The Court of Arbitration for Sport made the decision as the Russian Athletics Federation is suspended.
She is the latest in a growing list of Russian athletes to have past Olympic medals taken away over doping, as the nation struggles to overcome its most widespread doping scandal ever. She had been preparing for a comeback when she was filmed by Stepanova and then suspended during the investigation.More news: Oil prices soar as OPEC keeps its promise to slash production
Semenya, who won the event at the Rio 2016 Olympics after being cleared to compete in 2010 following a gender test row, is set to be crowned as a double Olympic and world champion.
The athlete has 45 days to consider whether to appeal the CAS decision.
In 2012, Jelimo launched a spirited comeback that saw her power to the IAAF World Indoor women 800m title in Istanbul, Turkey, making history as the first Kenyan female athlete to scale such heights.More news: White House List Contradicts Trump Claim That Terror Attacks Go Unreported