Guerreo, 34, first appeared before the Court of Arbitration for Sport (CAS) in May, who agreed to lift his 14 month doping ban temporarily, pending a final decision, at the time.
But the ban had been reimposed in August and on Monday the Swiss Court announced that it had turned down a request for another suspension of it.
The Internacional striker tested positive for benzoylecgonine, a metabolite of cocaine after a World Cup qualifier against Argentina.
The striker says the test was only positive after a herbal tea he drank was contaminated with coca leaf, which is often used as a non narcotic remedy in South America.
However the court has upheld the ban, although it recognised that Guerrero ingested the substance unknowingly and was not seeking an unfair advantage by using it.