The full-back was carried off during the 2-1 win over Aston Villa earlier this month with what was feared to be a serious injury, but he has recovered much quicker than expected.
Newcastle are without a game this weekend following their exit from the FA Cup, giving Taylor more time to work towards his comeback.
He told www.nufc.co.uk: "I've had a few tough days with Hendo (Dave Henderson, Newcastle physio) but I've come through with no problems so I am hoping to be back in training with the lads on Monday morning.
"It wasn't anywhere near as bad as first feared, thankfully. I went off and there was a lot of precaution being taken to make sure that I was fine.
"When they took my sock off, the lump that stuck out the side of my leg was quite worrying but after X-rays and scans it has settled down nicely and, touch wood, I'll be fine."