Taylor, 22, has made eight appearances for Dave Penney's League One side this season and has been linked in the past with Leeds's South Yorkshire rivals Sheffield United.
He is out of contract in the summer. Leeds are reported to be considering offering defender Alan Sheehan as part exchange for the highly-rated Taylor.
Sheehan, 23, who moved to Elland Road from Leicester City, has played five matches on loan for the Boundary Park club this season and scored in Oldham's 2-1 win over MK Dons on Tuesday night