The Dutchman was expected to face a spell on the sidelines after the Magpies revealed on Wednesday morning that he had suffered ligament damage.
However, an update from the club has now indicated that the 26-year-old's problem is only "very minor" and should not cost him inclusion in the Tyneside club's upcoming Premier League fixtures.
A statement on the club's official website read: "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 club will continue to monitor the situation but are confident that he will be available for the game against Leicester City on Saturday."
Krul returned early from international duty this week to undergo tests on the injury picked up in training.