NewsAtDen understands the 25-year-old had verbally agreed personal terms with the Lions and was due to travel to London on Friday afternoon to put pen-to-paper with the club.
The Oldham Chronicle reported on Monday that Taylor had been poised to sign a 12-month contract.
However, the meeting was called off at the last minute and Taylor now looks set to hold discussions with a rival Championship club. Reports suggest Leicester City have shown a late interest in the midfielder.
Boss Kenny Jackett has been searching for reinforcements in the wide areas but will now be made to wait to see if his bid to land Taylor is successful.