The former Three Lions boss is said to have been in contact with the Lims over the possibility of managing the club in the forthcoming season
Taylor reportedly spoke to representatives from the Airtricity First Division champions last week about the possibility of taking over the reins after the dismissal of Pat Scully from the post at the beginning of November.
The 59-year-old manager was recently relieved from his duties as manager of the Bahrain international team and among the clubs he has managed are Leicester City, Hull City and Crystal Palace.
According to the Irish Independent, other candidates for the job include former Tottenham Hotspur and Newcastle striker Les Ferdinand, as well as former Republic of Ireland internationals Damien Richardson and Kenny Cunningham.
Meanwhile, former Limerick manager Pat Scully, who played under the management of Taylor at Southend said that he had not had any contact with his potential successor.
"I haven’t spoken to him," Scully told reporters. "It’s nothing to do with me any more. And it’s not for me to give anyone any advice.
"I don’t take advice off many people so I don’t dish it out either. Whoever the new manager is, it’s up to him to do his job. I think I’ve done mine," he added.