The experienced forward has a clause in his current contract which allows a 12-month extension to be triggered when he reaches 20 appearances.
He hit that mark on Tuesday as he netted his second goal of the season in a 4-1 defeat to Brighton & Hove Albion.
The 32-year-old is now waiting to discover whether he will figure in Nigel Pearson's plans for the 2014/15 campaign, with preparations already underway at the King Power Stadium after the Foxes secured promotion back to the big time last weekend.
Taylor-Fletcher said in the Leicester Mercury: "Whatever happens with that (the contract) happens, but it was nice to get a goal.
"I am itching for a start and have been itching for the last few months.
"I have to be patient. When I went on (against Brighton), I thought I did well so, hopefully, that will put me into the gaffer's mind. I will have to wait and see."
Taylor-Fletcher has graced the Premier League before, during his time at Blackpool, and he believes Leicester are better-equipped to handle the step up than his former employers - especially as they will be looking to dip back into the transfer market over the summer.
He added: "As a team, this is a far better squad. At Blackpool, we had good individuals and a good spirit, and it is quite similar at Leicester.
"We are well-equipped to go up. People may say this player or that player aren't good enough but, at Blackpool, we weren't given any chance of even getting a corner, let alone any points and we went down with 39 points - the highest total to go down.
"This Leicester squad is just as good, if not better, than we had there.
"It all depends on what players we can bring in and whether they are the right players. We don't want any prima donnas. But that is up to the manager, chairman and backroom staff.
"Whatever happens will happen, but we will give a good account of ourselves."