Carlton Cole has announced that he has been released by West Ham for the second time in two years.
Teenager Mark O'Hara has signed a two-year extension with Kilmarnock.
Trotters manager Dougie Freedman has awarded the 20-year-old a 12-month deal and he becomes the third ex-Palace player to join the former Eagles boss in the north-west of England. The others are Ross Fitzsimons and Dean Moxey.
Taylor has never appeared for the Palace first team and spent time on loan with Welling last season.
Bolton open their Championship campaign with a trip to Watford on August 9.