The International Cycling Union said last month it would set up an independent commission to address the accusations that arose during the United States Anti-Doping Agency (USADA) investigation into Armstrong and the U.S. Postal team.
The International Council of Arbitration for Sport (ICAS) looks after the administration and financing of the Court of Arbitration for Sport (CAS) which is sport's highest tribunal.
"We would like to thank (ICAS president) John Coates for his recommendations, which we will follow to the letter," UCI president Pat McQuaid said in a statement on Wednesday.
"The purpose of this independent commission is to look into the findings of the USADA report and ultimately to make conclusions and recommendations that will enable the UCI to restore confidence in the sport of cycling and in the UCI as its governing body."
The commission will comprise a senior lawyer as chairman, a forensic accountant recommended by the chairman, and a sports administrator, all of whom will be independent of cycling, the UCI said.
Its final report will be published no later than June 1, 2013.
McQuaid also announced that the UCI would launch a separate consultation exercise involving all stakeholders in the sport which would look to the future of cycling and how to bring in improvements to tackle issues of concern.
"We must all work together to recover from the damage which the Armstrong affair has undoubtedly done to our sport, the sport we all love and cherish," McQuaid said.
American Armstrong was stripped of his seven Tour de France titles and banned from the sport for life after USADA concluded he was involved in the "most sophisticated, professionalized and successful doping program that sport has ever seen."
The USADA report said Armstrong told his then team mates Floyd Landis and Tyler Hamilton he made a positive drugs test go away with a payment to the UCI in 2001.
The UCI acknowledged they received a $100,000 donation in 2002 but have denied the money was part of a covering up of a positive test.
Armstrong, who has always denied using performance-enhancing drugs, chose not to contest the USADA charges.