The 27-year-old trained with the rest of the squad today just a week after undergoing hernia surgery in Germany to give himself a chance of making England's Euro 2008 qualifiers against Estonia and Russia later this month.
Toon v Toffees - Team News
Magpies boss Sam Allardyce said on Friday: "Michael has done his first training session with the lads this morning, and as long as there is no reaction from that session, then we will look tomorrow morning and ask him how it is.
"If it is fine, he will join us again and he should be fit to be in the squad for us on Sunday, so it is all good news for us from that point of view."
Owen will be joined in the squad by Brazilian defender Claudio Cacapa, who has shaken off his own groin problem, but midfielder Joey Barton (metatarsal) will have to wait despite his return to action for the reserves in midweek.
Damien Duff (ankle), Peter Ramage (knee) and Stephen Carr and Celestine Babayaro (both hamstring) remain on the injured list.
Teenage striker Victor Anichebe has staked a claim for a place in Everton's starting line-up following his match-winning performance against Metalist Kharkiv in the UEFA Cup.
Fellow striker Andrew Johnson, who failed a fitness test in the Ukraine on his injured groin, would still be considered a doubt for the trip to the north-east.
Anichebe came on for the unimpressive Ayegbeni Yakubu to score the clinching goal that sent Everton into the UEFA Cup group stages for the first time.
NEWCASTLE (from): Given, Harper, N'Zogbia, Enrique, Rozehnal, Taylor, Cacapa, Faye, Edgar, Beye, Milner, Geremi, Butt, Smith, Pattison, Viduka, Martins, Ameobi, Owen.
EVERTON (from): Howard, Hibbert, Stubbs, Lescott, Yobo, Baines, Valente, Arteta, Osman, Neville, Carsley, Pienaar, Anichebe, Yakubu, Johnson, McFadden, Jagielka, Wessels.