Bility was barred from entering the race to succeed Sepp Blatter in the election to be held in February after he failed to pass a series of integrity checks.
CAS said in a statement that it had "dismissed" Bility's appeal.
"At the request of Mr Bility, and with the agreement of Fifa, an expedited procedure was put in place to enable a final decision on the merits to be issued before the end of 2015," said CAS, a panel of whose arbitrators held a hearing with the parties on December 23rd.
Blatter, who is serving a 90-day suspension, has already announced he is stepping down from the presidency he has held since 1998.
Running to succeed him are Prince Ali bin al Hussein of Jordan, Uefa general-secretary Gianni Infantino, Asian football head Sheikh Salman bin Ebrahim al-Khalifa of Bahrain, Jerome Champagne, a former assistant general secretary of Fifa, and South Africa's Tokyo Sexwale.
Uefa president Michel Platini is also hopeful of succeeding Blatter but he too is also currently serving a 90-day ban.