The family of Dr Feldmann says the Old Master drawings can remain in the British Museum.
The special panel has requested the government to bring in laws permitting the return of objects stolen during the Nazi era.
Both Dr Feldmann and his wife died at the hands of the Nazis.
The drawings are by Niccolo dell'Abbate, Nicholas Blakey and Martin
Johann Schmidt, with the fourth believed to be by a follower of Martin
Schongauer.
Three drawings got into the museum's art collection through a sale at
Sotheby's in 1946, while the other was part of a bequest to the museum
in 1949.
Culture minister David Lammy said he hoped to seek public views on the special panel's proposals "shortly".
