Taylor, who was injured during Swansea's game against Sunderland last weekend, has undergone surgery and says that he is mentally strong enough to return "like a new signing" for the Swans.
"I knew straight away something was wrong," Taylor told the club's official website. "I didn't look that long at the ankle but when the pain started rushing to it I knew it was pretty bad.
"Now I want to come back fitter and stronger. I've got a year to work on strengthening other parts of my body and come back like a new signing raring to go. I'm mentally strong and have the support of my family. I owe it to them to battle my way back.
"In a lot of cases they said it would have been a career-threatening injury, but they have given me a great chance of making a full recovery."
Taylor signed for Swansea from Wrexham in 2010.