With Jermaine Jenas cup-tied, Dyer's return to the team would be a welcome one, as Newcastle seek to revenge the defeat by the Gunners in the Premiership tie.
"The X-Ray was encouraging and Kieron feels no pain in the foot," said Toon manager Bobby Robson today.
"We're pushing him and he's reached the stage where he can kick a ball again.
"He's a special kid and an exceptionally fast healer. He doesn't need much training before he's back to his normal level of fitness and he was talking about playing against Liverpool"
The game at Anfield may have come to early for Dyer, but Saturday's game may not be out of the question.
There was more good news today when Robson announced that Newcastle's other main injury worry, Craig Bellamy, was healing quickly.
"He's been much better this week and we are confident that he'll be back with us soon," added Robson.