The Bulls waived Taylor on Thursday, Chuck Swirsky of the Bulls Radio Network reports.
Taylor registered two points (1-1 FG), one rebound and one assist in seven minutes during Monday's 127-92 loss to the Mavericks.
Taylor recorded zero points (0-5 FG, 0-2 3Pt), five rebounds, one assist, one block and one steal over 20 minutes during Tuesday's 110-97 loss to the 76ers.
Taylor provided no counting stats in two minutes during Monday's 118-100 loss to the Heat.
Taylor signed a contract with the Bulls on Monday.
Taylor managed 18 points (7-16 FG, 2-7 3Pt, 1-1 FT), 15 rebounds, four assists and two steals across 38 minutes in Windy City's 93-89 loss to Maine on Tuesday.
Taylor furnished 23 points (10-15 FG, 0-2 3Pt, 2-4 FT), 13 rebounds and three assists across 33 minutes in Windy City's 123-108 win over Westchester on Sunday.
The Bulls signed Taylor to a two-way contract Tuesday, Adrian Wojnarowski of ESPN reports.
The Pacers will waive Taylor on Thursday, Tony East of SI.com reports.
Taylor posted 46 points (20-24 FG, 3-3 3Pt, 2-3 FT), 14 rebounds and three assists in 33 minutes during Thursday's 132-131 win over the Oklahoma City Blue in the G League Showcase.