According to The Scottish Sun, Scottish Premiership-bound Rangers are interested in signing Taylor, who will leave Championship side Newcastle at the end of the month when his current contract runs out.
Lovenkrands, who played for both Rangers and Newcastle, has backed the 30-year-old defender to be a success at Ibrox.
The former Denmark international has also revealed that he has spoken to Taylor about a potential move to Ibrox.
When asked by The Daily Record if Taylor would be interested in coming to Rangers, Lovenkrands said: “He’s definitely interested.
“I spoke to him the other day and although he is keeping his cards close to his chest, he admitted he has a few things going on and a few options open to him.
"He doesn’t know yet what he’s going to do. He will have a decision to make, so it will be interesting to see where he ends up.”
“He’s definitely what they need in the middle of their defence at the moment,” added Lovenkrands about Taylor. “That is the area of the team that is most vulnerable.”
Taylor has had his injury problems, but he has fully recovered now and he could be a decent signing for Rangers.
The Gers, who won the Scottish Championship title this past season and will play in the Scottish Premiership during the 2016-17 campaign, would not have to pay any transfer fee for the Englishman, as he would become a free agent at the end of the month.
Rangers will be aiming to compete with Old Firm rivals Celtic for the Scottish Premiership title during the 2016-17 campaign.