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Realistically, it will be a near-miss in astronomical terms. The small asteroid, named 2009 TM8, will pass just inside the orbit of the moon, at get within 216,000 miles of Earth while traveling at 18,000 MPH.
In a bit of news that will give most humans heart palpitations, he asteroid was only discovered Thursday. Imagine if this asteroid were on a collision course with Earth; we would have just enough time to say our prayers, and not enough time to react.
The time of closest approach of 2009 TM8 will be at 11:44 PM EDT tonight. The find was made by the Jet Propulsion Laboratory (JPL) in Pasadena, CA. At that site is the Near-Earth Object Program Office. This is the same team which last week reduced the odds that another asteroid, a large one called Apophis, will hit the Earth in 2036.
At any rate, 2009 TM8 is a small asteroid compared to Apophis. 2009 TM8 is 30 feet across. Apophis is two football fields in size.
Why did this one sneak up on us? One has to only think of the aforementioned movie Armageddon, when Bill Bob Thorton was asked that by the President: "beg'n your pardon sir, but it's a big-a** sky."