The England international limped out of Sunday's draw with Portsmouth after damaging his hamstring when setting up Craig Bellamy's goal at Fratton Park.
Initial reports suggested Dyer had suffered a tear which would keep him on the sidelines for eight weeks.
However, a scan has revealed a minor pull as opposed to any sort of tear and he could feature against Tottenham a week on Saturday.
A clearly delighted Magpies chief Sir Bobby Robson said: "The news on Dyer is good.
"We sent him for the scan, and thankfully the muscle is not torn. He felt the spasm in the hamstring which is the first sign, and he came off at the right time before it worsened.
"There was very little that showed up on the scan, and we're hopeful he won't be out for too long."
Darren Ambrose could also be in contention soon despite suffering a calf tear against Valerenga last week.
"There is a slight tear there for Darren, and we're not quite sure how long he'll be out for," added Robson.
"But he's a young lad and quick healer, and his problem seems to be getting better each day so we'll keep an eye on him and hope he won't be missing for too long."
