Taylor, 22, initially joined the Lions towards the end of last season.
The former West Brom youngster graduated through their academy system, going on to play for the U18s and U21 setups.
He also has playing experience from his time at Southern League clubs Stourbridge and Alvechurch.
Taylor becomes the club's third signing in a week, following the arrival of winger Chay Tilt and midfielder Todd Ferrier.
Photo credit: West Brom
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