The Trotters have already lost Lee Chung-yong and Tyrone Mears to broken legs suffered in pre-season and there were fears Steinsson had suffered a broken metatarsal.
However, X-rays showed the damage not to be too bad and although Steinsson will miss Wednesday night's Carling Cup tie with Macclesfield, Coyle is hopeful the 29-year-old Icelander will be available for Saturday's visit to Liverpool.
"Gretar got a bad kick on Sunday and given the run of luck we have had, we all feared the worst," admitted Coyle.
"But it is just bruising.
"He is not available for the cup tie, although even if he had been I wouldn't have played him anyway.
"He would have been rested with a view to being rested for Liverpool on Saturday. Hopefully he will be fit and available for selection for that game."
Source: PA
Source: PA