Machine-to-machine (M2M) communication is an up-and-coming technology for Internet of Things. However, current wireless cellular network such as LTE-A that is originally designed for human-to-human (H2H) communication falls short in supporting massive number of bursty random access (RA) requests from machine type communication (MTC) devices. Specifically, random access network (RAN) overload due to the huge amount of MTC devices is a critical issue. In this paper, we propose a Dynamic Extended Access Barring (DEAB) scheme to regulate the number of RA requests to mitigate the RAN overload. By utilizing the direct communication between MTC devices in M2M, we exploit RA success rates of neighbour devices in choosing the optimal Extended Access Barring (EAB) parameters. The DEAB scheme is evaluated against EAB scheme and the simulation results show that the proposed scheme significantly outperforms the EAB.