Potters boss Tony Pulis is keen to improve his options down the left side and has targeted Taylor as a possible addition.
The 29-year-old has the versatility to play at left-back or left midfield and has eight years of top-flight experience under his belt.
And Pulis is hoping he can secure the services of Taylor for a cut-price fee as he has just a year left on his contract at Bolton.
Taylor joined the Trotters from Portsmouth in January 2008 for a fee believed to be around £4 million.
The former Luton man has gone on to score 23 league goals in 123 appearances for Bolton, making 22 league starts last term, despite competition from Bulgarian winger Martin Petrov.