The experienced frontman moves to The City Ground having left Charlton Athletic at the end of last season.
Taylor scored 11 times for Charlton last season, a rate of a goal every other game for The Addicks in the Championship, to finish as their joint-top scorer.
The Montserrat international started his career with Millwall but a prolific 34-goal season with Concord Rangers earned him a move to Bournemouth in 2010.
After a move to AFC Wimbledon in 2015, Taylor settled and regularly found the back of the net, helping The Dons to promotion from League Two and to cement their spot in League One prior to firing Charlton to promotion from the third tier in 2018-19 with 25 goals.
The 30-year-old now switches to The City Ground to team up with Sabri Lamouchi’s Reds ahead of the 2020-21 campaign.