Taylor sparked concerns that he had broken his leg after he was stretchered off with his leg in a splint in Newcastle's 2-1 win over Aston Villa on Sunday.
Pardew revealed the midfielder had not suffered a fracture, but had a "big swelling on the leg" after suffering soft tissue damage in a collision with Stephen Warnock.
"The good news for Ryan Taylor is that there is no break or fracture, so we think he's going to be okay," Pardew said.
However, it was not such good news for Best, who will have a scan on Tuesday to discover the extent of his knee injury, with Pardew braced for a six-week lay-off.
"Leon has got a medial ligament injury, which is usually a six-week lay-off," Pardew added.