The striker enjoyed a prolific spell with Falkirk two years ago and impressed too after moving on loan to Firhill from Sheffield United last season.
The SPFL Premiership side had expressed a keen interest in bringing the 24-year-old back to the club next term. Falkirk were also linked with an ambitious bid to re-sign their former player, with the Championship club also confirming yesterday that defender Stephen Kingsley has joined Swansea City on a three-year contract.
Taylor has chosen to play in English football too and has signed a two-year contract with Scunthorpe. "Scotland seemed to be where I was going to end up before I got the call [from Scunthorpe]," said Taylor. "I got a call but within two days I'd signed here.
"It's a fresh start for me. I'm looking forward to starting training with everyone."