We report on the first observation of a pronounced re-entrant superconductivity phenomenon in superconductor/ferromagnetic layered systems. The results were obtained using a superconductor/ferromagnetic-alloy bilayer of Nb/Cu(1-x)Ni(x). The superconducting transition temperature T_{c} drops sharply with increasing thickness d_{CuNi} of the ferromagnetic layer, until complete suppression of superconductivity is observed at d_{CuNi}= 4 nm. Increasing the Cu(1-x)Ni(x) layer thickness further, superconductivity reappears at d_{CuNi}=13 nm. Our experiments give evidence for the pairing function oscillations associated with a realization of the quasi-one dimensional Fulde-Ferrell-Larkin-Ovchinnikov (FFLO) like state in the ferromagnetic layer.