Taylor, who has scored three goals in his last four games, limped out of the Millers' last outing at Macclesfield with a suspected recurrence of a broken metatarsal.
But X-rays showed no fracture and after returning to training late last week, he will take his place in Ronnie Moore's side.
On-loan defender Danny Coid will miss out again with ankle ligament damage, so Dale Tonge will continue at right-back.
Meanwhile, Moore will have to make a decision on Coid's loan extension from Blackpool this week, and told Radio Sheffield: "Danny Coid has got medial ligaments on his ankle so he's going to be out for possibly two weeks but, to be fair to Dale Tonge, considering he hadn't played since October, to come in and perform the way he did at Macclesfield it was fantastic really.
"But we've really got to have a look and a think about Coid's injury. We're saying two weeks but it could well be three weeks and that would be the end of his spell so it's a big decision, I'll sit down with him on Thursday and discuss it."
Skipper Ryan Cresswell has begun gym work after surgery on a broken collarbone but he will not be ready for match action for at least another three weeks.
The Millers have won four of their last five League Two outings and are unbeaten since the end of October as their promotion bid gathers pace.