The left-back has struggled to reclaim first-team football with the Welsh outfit since returning from injury, with the good form of Ben Davies freezing him out.
"We have put a bid in. It's on the table. It's simmering," Sky Sports News quotes former Manchester United assistant boss Meulensteen as saying.
"I rate him. I rated him when I was at United. The boy was very unfortunate. He had that horrific injury at a time when he was really playing at his best and he had top four qualities."
Taylor missed eight months of last season with an ankle injury.