The Northern Irishman, who left the South-Welsh outfit to join Liverpool in 2012, has been out of work since being sacked by the Reds in October.
But speculation has mounted that the 43-year-old is in line to return to the Liberty Stadium this summer (The Independent) to replace Francesco Guidolin, whose contract is up at the end of the season and is not expected to extended.
And Taylor, who helped Rodgers win promotion to the Premier League with the Welsh side in 2011, admits that he would love to team up with him again, but acknowledges that it is all just speculation at the moment.
"Of course we would welcome Brendan Rodgers back," said Taylor to BBC. "He's a man who has done great things for the football club, so there is no reason why we wouldn't welcome him back.
"The word speculation is key though, we don't really know anything at the moment and we shouldn't really bother ourselves with it.
"We know he is a fantastic manager, but we've got more things to worry about between now and the end of the season."
Rodgers will have learnt a lot from his days at Anfield - most notably when he missed out on the Premier League title by a single point in 2014 - and such an experience would only benefit him and Swansea, if a return to Wales materialised this summer.