The Magpies haven't won a major trophy since winning the FA Cup back in 1955, meaning that it's been almost 69 years since their last piece of significant silverware.
After finishing fourth in the Premier League last term, Newcastle fans had the league, FA Cup, Carabao Cup and Champions League to look forward to this term with the hope of going all the way in at least one of those competitions.
However, defeat to Chelsea in the Carabao Cup quarter finals and finishing bottom of their Champions League group means Newcastle have only the FA Cup left in their bid to end their trophy drought.
Dyer, who spent eight trophyless seasons at St James' Park between 1999 and 2007, knows exactly what it's like to play for an expectant group of supporters, but according to the ex-winger, fans are just desperate to see their team do well.
Speaking on talkSPORT Drive, Dyer said: "When I was playing I felt that there was unrealistic expectation where they expected us to win, but that's not the case.
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"They're just so desperate to win silverware.
"I think if they finished just above the relegation zone and won the League Cup the fans would be partying - they just want that one bit of glory, that's all they crave.
"When the frustration comes out it's not because they expect it, they just want to win a trophy and to be fair to Newcastle this season, in the League Cup they had Man City at home, Man United away and then Chelsea - they're just cursed, that club, when it comes to winning a trophy.
"It's mad. When I was a player there we had three FA Cup semi finals, I think, we got to the UEFA Cup semi final and lost to a Marseille side with Didier Drogba who deserved to win it.
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"The season that probably hurt me the most was when we were in the UEFA Cup again and it was the quarter finals and won the first leg against Sporting Lisbon 1-0 and then away I scored early to put us 2-0 up and came off after 60 minutes because I ripped my hamstring.
"On the bench we thought we were in the semi finals of the UEFA Cup again but then they scored four goals - bang, bang, bang, bang - and again, it's a curse.
"That club has got some voodoo curse on it and it just needs to be broken because once the curse is broken, the floodgates will open - especially now with the new owners that they've got."
While he's played a key role in Newcastle's rise, Dyer believes that Howe's job could be at risk if they don't finish this season in the top four.
Dyer explained: "When he first got appointed I thought he was there to steady to ship and then a really big name, like a Jose Mourinho or someone, would be the next manager but he's done so well.
"Rightly so, he's getting all of these plaudits but being out of the cups and the Champions League, plus not doing too well in the Premier League, the pressure is on him.
"I've said this to a few people - If Newcastle don't get in the Champions League, does he lose his job?
"It would have sounded crazy at the start of the season but I know how owners think - I think he loses his job and I think it would be so harsh and bonkers but this is the way that football goes.
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"When you're the owner of a club and you're seeing the success and seeing Champions League football, they think it's a given.
"I'd say to give Eddie Howe some time but I know how owners think and I think it would be a travesty if he lost his job for not getting in the Champions League."