Transport chiefs were forced to shut the road at the junction between Magdala Crescent and Haymarket Terrace after the hole opened on Sunday evening.
Scottish Water has a team on site looking into what measures are needed to repair the pipe and the road.
A spokesman added: “A section of the road has been closed for the time being. We apologise for any inconvenience and appreciate road users and local residents’ patience while this work is carried out. There have been no reports that the water pressure or quality has been affected.”
A local roads officer from the city council attended on Sunday to make the road safe.