Huntelaar, who scored 12 goals in the Netherlands' impressive qualifying campaign for Euro 2012 and 10 in the last 11 Bundesliga matches for Schalke, suffered the injury playing for against AEK Larnaca, when he collided with team-mate Joel Matip in the 81st minute.
"The nose is damaged but we will try to do everything to have him back with us as soon as possible," Schalke sports director Horst Heldt said.
The Dutch host Switzerland next Friday in Amsterdam and play neighbours Germany on November 15 in Hamburg.
"I spoke with him (Huntelaar) this morning and he proved eager to play this weekend for his club so there is no problem to count on him for our matches," Dutch coach Van Marwijk told Reuters on Friday.
"Today they are preparing a special facial mask for him to protect his injury and that should be enough."
Ajax Amsterdam winger Derk Boerrigter received his first call for the national team, while Ryan Babel and Ron Vlaar return to the squad.
"I kept faith in Elia for a long time but now he hasn't played for months at his new club Juventus, while Boerrigter has developed well," added the coach who is in talks with the Dutch FA about extending his contract beyond next year's Euro finals.
Defenders: Khalid Boulahrouz (VfB Stuttgart), Edson Braafheid (Hoffenheim), Joris Mathijsen (Malaga), Gregory van der Wiel (Ajax Amsterdam). Vurnon Anita (Ajax Amsterdam), John Heitinga (Everton), Ron Vlaar (Feyenoord)
Midfielders: Mark van Bommel (Milan), Nigel de Jong (Manchester City), Stijn Schaars (Sporting), Kevin Strootman (PSV Eindhoven), Rafael van der Vaart (Tottenham Hotspur), Georginio Wijnaldum (PSV Eindhoven), Wesley Sneijder (Inter Milan)