It had been thought that Walters was certain to miss Ireland's World Cup play-off fixtures.
But Walters' club boss Sean Dyche has given a positive injury update on his man.
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"I've seen some timescales have been reported but we're still not putting a timescale on it". It's a historical injury, a wear-and-tear injury and needed time to calm down. "I've said all along it's not going to be days, it's going to be weeks and we're hoping for it to settle down quickly".
"Once it has settled down, it's getting strength through the knee and that's where we are at".
Seamus Coleman is unlikely to be available as he makes the final stages of his rehabilitation from a broken leg, while David Meyler is suspended.