It follows a decision by the city's three further education colleges to join a national pay bargaining system.
Members of the EIS union at other colleges across Scotland are due to strike on Tuesday and Wednesday in a separate dispute over pay.
The Glasgow lecturers may now be balloted to decide if they join future action in the wider pay dispute.
The Glasgow lecturers had joined a one-day strike on Thursday, prior to the local pay bargaining dispute being settled.
EIS general secretary Larry Flanagan said a "U-turn" by the Glasgow colleges marked a "significant early victory in the campaign for fair pay in all Scottish colleges".
He said: "The Glasgow colleges had refused to sign up to the national bargaining process, in the mistaken belief that this would remove them from their obligations on a fair pay offer.
"The strike action by our members has forced a quick change of mind on the part of the Glasgow colleges, and the EIS welcomes this development today."
Mr Flanagan added, "While these Glasgow disputes are now settled the national action in pursuit of a fair national pay offer and pay equality in all colleges will continue.
"Two days of strike action in this campaign are planned for next week, and these will take place in all colleges where lecturers have been balloted as part of the national dispute.
"Lecturers in the three Glasgow colleges, who are not currently part of the national action, will now be re-balloted as soon as possible to allow them to join their colleagues across Scotland in future strike days as part of the national campaign for fair pay."

The man died in Inverness on 27 October this year.
The Police Investigations and Review Commissioner (Pirc), Kate Frame, has been asked to scrutinise the initial police response to the man's call.
Police Scotland said it was "fully engaging" with the investigation and awaited its findings.
A spokesman for Pirc said: "The Crown Office and Procurator Fiscal Service (COPFS) has instructed the Police Investigations and Review Commissioner to undertake an investigation into the initial police response to a call from a 72-year-old man who was later found dead at a sheltered housing complex in Inverness.
"A report on the commissioner's findings will be submitted to the COPFS in due course."

It issued a yellow warning of wind, saying gusts of up to 75mph (120kmph) could occur locally, particularly to the west of the mountains.
It added the unusual easterly direction could add to the impact of the winds.
Forecasters said disruption to travel on roads and at sea was likely.
The affected counties are Conwy, Anglesey, Gwynedd, Pembrokeshire, Carmarthenshire, Ceredigion and Powys.
Gusts overnight brought a tree down in Menai Bridge on Anglesey, closing one of the main routes into the town.
The council said Telford Road was expected to remain closed for most of Monday to allow clean-up work to be carried out.
Lecturers at colleges in Glasgow will not take part in two planned national strikes next week.
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An investigation has been launched into the police response to a call from a 72-year-old man who was later found dead in a sheltered housing complex.
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The Met Office has warned of very strong winds along the western coastlines of Wales throughout the day on Monday.