Underworld boss Rocco Arico has lost a bid to have his convictions for drug trafficking and extortion overturned but will spend up to two years less in jail following a sentencing reduction.

The 39-year-old appeared from prison via videolink in Victoria’s Court of Appeal on Thursday, expressing no emotion when the judgement was handed down.

Rocco Arico will be eligible for release by 2024.

Arico, who is linked with the Calabrian organised crime gang the 'Ndrangheta (Honoured Society), was sentenced to 14 years prison, with a minimum of 10 years, in 2017 over a string of offences stemming from a botched 2010 cocaine deal involving one of his associates and bikie enforcer Toby Mitchell.

Arico was convicted of assaulting and extorting his associate and long-time friend Con Mattas* over a $350,000 drug debt, waging a campaign of threats, vandalism and fire bombings that eventually led Mattas to turn informer against him.