He carried out the attacks, which involved using alcohol and drugs to stupefy his victims, between 2002 and 2008. He was jailed indefinitely in 2009.
Police later linked Worboys, a former stripper who appeared in adult films, to more than 100 rapes and sexual assaults.
In a statement, the Parole Board said: “We can confirm that a three-member panel of the Parole Board has directed the release of Mr John Worboys, following an oral hearing.
“The arrangements for Mr Worboys’ release will be managed by the Ministry of Justice.”
Worboys, now 60, was told he must serve at least eight years in prison for his crimes at his sentencing and that he would not be released until parole officials were convinced he no longer posed a threat to women.
According to a Government website, an indeterminate sentence can be given if a court feels the offender is a danger to the public.
The serial offender was found guilty of assaulting 12 women during an 18-month period in the capital.
But in the following year, police said a number of women came forward – after he was jailed – and that his alleged victims now amounted to more than 100.
Worboys’ reign of terror came as he targeted many young women who had been drinking in trendy West End and Chelsea bars.
He would offer them Champagne spiked with powerful sedatives to celebrate a made-up lottery win, which he would attempt to prove by showing his victims a carrier bag stuffed with cash.
The cab driver would then pounce on his victims in the back of his vehicle as they were left insensible and unable to protect themselves.
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The CEO of helpline Rape Crisis South London has criticised the decision to release Worboys, saying his victims would “never be totally free from his despicable actions”.
Yvonne Traynor added: “It feels far too soon for this dangerous and manipulative perpetrator to be released into the public having served this woefully short time in prison.”