However striker Leon Best to be assessed further and could face 'a number of weeks' on the sidelines
Taylor was injured during a collision with Stephen Warnock in the build-up to Demba Ba's opening goal, and had to be stretchered off the pitch.
But the club have confirmed that the injury is not as serious as first feared following scans immediately after the game.
"Following injuries sustained in Sunday's Premier League game against Aston Villa, Ryan Taylor and Leon Best have been further assessed by the Club's medical staff this morning," said a club spokesman.
"Fortunately, Ryan Taylor did not sustain a fracture to his lower right leg which was X-rayed on Sunday afternoon. His injury is limited to soft tissue damage for which he is now receiving treatment from the Club's medical team."
However, the extent of Leon Best's injury has not yet been fully realised with the striker facing a scan on Tuesday after he appeared to jar his knee as a defender blocked his shot.
"Leon Best will have a scan on Tuesday on his injured left knee and is likely to be out for a number of weeks. Both players will be closely monitored over the coming days."
Newcastle manager Alan Pardew recently bemoaned the injuries currently plaguing his midfield, but was pleased players such as Danny Guthrie were stepping up to the task of filling in.
"We're missing some key players, especially in the central midfield area," Pardew told the Northern Echo.
"Danny Guthrie has had a real weight on his shoulder to be a creative force and he came out of that with flying colours in my opinion.
"Missing the likes of Yohan [Cabaye] and Cheik [Tiote], you'd think it would damage us against a Villa team that were good."