The 23-year-old Wales international was expected to miss the rest of the campaign after suffering the injury during the early stages of the 2-2 draw with Sunderland on 1 September.
But his rehabilitation is going well and he is hoping to return to light training soon.
Taylor said: "It is now 12 weeks since the injury and I have an X-ray coming up to see how everything has healed and from there I hope to start jogging if it is all clear, which would be great.
"I have already been jogging on an anti-gravity treadmill which means you are only putting around 60 per cent of your body weight on the leg, moving to putting 100 per cent on it would be a big step.
"To be able to return to play in any game before the end of the season would be a bonus.
"Fingers crossed, I have not had any setbacks in my recovery as yet, and the surgeons have been really pleased with how it is going, so I hope there is more good news to come."