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UPDATE 2: Thanks to the suggestions, I had an idea which surprisingly worked. Below is the code and screenshot for those who might face the same issue. It's quite a long approach but it works.

{
    "elmType": "div",
    "txtContent": "=if([$FlowStatus] == 'Expired', 'Expired', @currentField",
    "attributes": {},
    "style": {
      "border-radius": "0em",
       "height": "0",
       "min-width": "0em",
       "color": "black",
       "text-align": "center",
       "position": "left",
       "top": "0",
       "right": "0em",
      "background-color": {
        "operator": "?",
        "operands": [
          {
            "operator": "==",
            "operands": [
              "@currentField",
              "Approved"
            ]
          },
          "#ABDB77",
          {
            "operator": "?",
            "operands": [
              {
                "operator": "==",
                "operands": [
                  "[$FlowStatus]",
                  "Expired"
                ]
              },
              "#FF6347",
              {
                "operator": "?",
                "operands": [
                  {
                    "operator": "==",
                    "operands": [
                      "@currentField",
                      "Pending"
                    ]
                  },
                  "#FFD700",
                  {
                    "operator": "?",
                    "operands": [
                      {
                        "operator": "==",
                        "operands": [
                          "@currentField",
                          "Rejected"
                        ]
                      },
                      "#bcbcbc",
                      ""
                    ]
                  }
                ]
              }
            ]
          }
        ]
      }
    },
    "customRowAction": {},
    "children": []
  }

UPDATE I've tried the updated code provided by one of the suggestions and below are the results.  

UPDATE I've tried the updated code provided by one of the suggestions and below are the results. 

UPDATE I've tried the updated code provided by one of the suggestions and below are the results.

It's close to my intended outcome now except the text's vertical alignment is still off (on top instead of middle)