The 28-year-old injured his knee in a Europa League clash last August, but was expected to return next season after undergoing surgery to repair the damage.
However, Magpies boss Alan Pardew has confirmed that the versatile midfielder will now miss a large part of the 2013-2014 season with a fresh knee injury.
"Ryan has worked so hard and diligently since his injury. He has been a model patient and has given his all to ensure he could return to full training in the best condition possible," Pardew told the club's official website.
"Clearly everyone at the club is deeply saddened by the news. Ryan has, and will continue to, receive the full support of everyone at Newcastle United during this difficult time for him."
Taylor has made 91 appearances for the club.