The left-back was the star of the season for the Championship side.
Although there have reportedly been no bids, new United boss Garry Monk will surely be anticipating that that will change before the summer window closes, and thus, will feel that the club needs to act if they hope to keep the academy graduate at Leeds for years to come.
The Yorkshire Evening Post reports that the defender is about to enter the final year of his current deal at Elland Road. And regardless of whether he wishes to stay or not, if an extension is not put on the table before a bid from a top flight club comes in, it will arguably be very difficult for Taylor to justify staying with the Whites.
Not only would agreeing a new deal with Taylor arguably make it easier for United to stave off any interest in the youngster, but it may also send out a message to any other players in the squad that are contemplating their future with the club.
Letting several key players move on in recent years will undoubtedly have had a negative impact on the squad and left certain members wondering if their level of ambition is matched by the club.
However, keeping Taylor would suggest that the team now have that ambition, which could go a long way in convincing any other players attracting interest - as well as possible transfer targets - that the squad has the potential to get back to the highest level.