The 20-year-old, who claimed the U23 Player of the Season award last term, has been in fine form this season, featuring regularly for Glyn Hodges at Premier League Two level.
The attacking full-back linked up with Mark Hughes' first-team squad for pre-season training and has since been included in the matchday squad, at top-flight level, for the first time in his career.
Taylor joins Dale in time to make his possible debut against Championship side Huddersfield Town in the FA Cup this weekend.
His maiden league outing is likely to come in the home encounter with Bristol Rovers, a game in which he could line-up against Stoke City teammate Ryan Sweeney in, after he joined the Gas on a similar loan arrangement last week.
Rochdale are currently in sixth position in League One and will be hoping to consolidate their play-off spot between now and the end of the season.