Manager Paul Peschisolido told BBC Radio Derby: "We started negotiations and I'm waiting for him to come back to me. He'd be a fantastic acquisition.
"We have to hope we can come to some sort of agreement. It's going to be a waiting game and I know there are other clubs showing an interest."
Former Scunthorpe and Carlisle player Taylor scored four goals in 24 appearances for Burton, sparking interest from elsewhere.
"I hope that he sees what we're trying to do here because he's got the right mentality and he's the type of player we'd like to bring," Peschisolido added.
"Sometimes players can be gambles so you want to bring someone who's already here and knows what we're about."
Source: BBC Sport
Source: BBC Sport