This would leave the 34-year-old former Aberdeen, Oxford, Bradford and Middlesbrough forward free to leave Bramall Lane, and he says a move to the Kingston Communications Stadium would be his preference.
He told the Hull Daily Mail: "I would be interested in coming back to Hull. I am available. Everyone knows my heart is with Hull.
"I'd love to finish my career there and help get them into the First Division. That's where they belong.
"It's not about money, it doesn't come into it. I want to come back because I love the club and the fans. I'd take a pay cut to play for Hull again. I'd be prepared to sign for whatever they could afford to pay me. I know I could do a job."
Taylor appears to be the stumbling block in the move going through. He has said that he's happy with the strikers he has, and doesn't seem keen on signing the ex-Tiger of four years.
For more see Hull City Online.