If the link is valid, and the penalty has been manually activated, you can request a review. According to Search Engine Watch, Google processes about 20,000 reconsideration requests a month, of the 400,000 manual penalties applied. It can take around 30 days to get a response.

If the backlink isn’t important to you, and you don’t want to perform the manual outreach to have links removed, you can use the Disavow Links tool. 

Follow the steps from Google Search Console Help:

Make a list of links you wish to disavow following the formatting listed in the help article. 

Tip: Your Google Search Console links report, and link reports from tools like SEMRush and ahrefs can often be exported and used to make creating this file easier.