The 31-year-old former Newcastle United defender has signed a two-year deal at London Road.
Taylor joined Rovers on trial last Monday and featured in the friendly with Derby County before training with the squad again on Thursday with negotiations being held over a potential deal throughout his time with the club.
However, he informed Darren Ferguson on Friday he would be holding talks with other clubs and therefore would not be available for the trip to Guiseley at the weekend.
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Ferguson said Rovers would continue negotiations with Taylor but admitted they would be facing an uphill battle if the deal came down to purely financial terms.