Pitman yesterday completed his move to Bristol City and Howe, who is keen to bolster his attacking resources, revealed that Cherries were waiting for Football League approval to bring in Taylor.
The frontman, who hit 34 goals for Essex-based Concord Rangers last term, has been training with the club since pre-season.
He damaged ankle ligaments in Cherries' opening friendly against Tottenham Hotspur and spent a frustrating spell on the sidelines.
But Taylor has returned to training and Howe believes he has the talent to progress.
Taylor was included in the official team photograph at the start of the season and stated his desire for an extended south coast stay.
And should Cherries be given the go-ahead to sign the former Millwall man, it seems he will be given his chance to become the latest non-league success story at Dean Court.
When asked about Taylor, Howe told the Echo: He's a good finisher. He's got good attributes. He's athletic and he's got the raw materials to be a good player.
But he's one that we're going to have to nurture and develop. He's not going to be a direct replacement for Brett.
Cherries have had plenty of success with plucking potential gems from the non-league game, with Mark Molesley, Anton Robinson and Liam Feeney among the top recent finds.
And discussing his recruitment policy, Howe added: We have to look at all our options available to us and one of them is finding people from non-league, who are eager to impress and want to build a career for themselves, and we want to try to give them that opportunity.
Another option is to pick up players who drop down from the top level.
It's important they all have the right attitude because they all come here with things to improve and work on.
The ones we have got in so far have all had that attitude and we would hope to continue that process. It's something we always look at to see if we can unearth new talent.
We're not in a position to bring in proven players or the finished article because they cost a lot of money.