The 22-year-old was named in this season's PFA League One Team of the Year but missed the final two games with the injury.
Taylor has been receiving treatment and head physio Marc Czuczman is pleased with his progress.
He told the club's official website: "Chris is settling down well; he's been doing plenty of work on the bike and the cross-trainer.
Now he's started the balance and weight transfer work and I'm hoping to take him outside for a light jog.
"He will see an ankle specialist as a precaution to get the ankle checked under anaesthetic to make sure it is stable.
"That's purely a precautionary measure to make sure he isn't going to break down in the final stages of rehab. He will be fine for the start of pre-season."