Taylor, who can play at full-back or on the wing, was injured in the Magpies' Europa League qualifier against Atromitos last August and needed knee surgery soon afterwards.
He had just returned to training after an eight-month lay-off but the club's official website revealed that he could now miss "the majority, if not all, of next season".
"Ryan has worked so hard and diligently since his injury," manager Alan Pardew added.
"He has been a model patient and has given his all to ensure he could return to full training in the best condition possible. Clearly everyone at the club is deeply saddened by this news.
"Ryan has and will continue to receive the full support of everyone at Newcastle United during this difficult time for him."