The 26-year-old returned from international duty with the Netherlands this week after suffering the injury in training.
The club initially said Krul was likely to miss Saturday's Premier League fixture against Leicester after scans showed he had damaged elbow ligaments.
Yet they published an update on their website (www.nufc.co.uk), saying the injury was not as severe as first feared.
"Tim Krul has been further assessed today by the club's medical staff, and the club can confirm that he has nothing more than a very minor elbow injury," the statement said.
"The club will continue to monitor the situation but are confident that he will be available for the game against Leicester City on Saturday," it added.
Krul has started all seven of Newcastle's Premier League games this season, none of which has resulted in a win. The club are currently 18th.
(Reporting by Martyn Herman, Neville Dalton; Editing by John O'Brien and Toby Davis)
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