Taylor will be available for selection for defending champions Mumbai Indians subject to the completion of contractual paperwork formalities. The pacer has previously played in IPL representing KXIP and Pune franchise.
Malinga was ruled out after the medical team found him unfit because of a recurring knee injury. He has played 98 matches in IPL since joining the Mumbai Indians in 2009 season. Malinga also missed a large chunk of ICC World T20.
Taylor will be the second replacement in the Mumbai Indians' squad. Earlier, New Zealand batsman Martin Guptill had replaced West Indian batsman Lendl Simmons.