Pietersen suffered a calf strain during the second Test at Lord's and was unable to take the field for Australia's second innings.
The South Africa-born batsman is currently undergoing treatment ahead of the Old Trafford Test, which starts next Thursday.
But England's selectors have ear-marked Taylor as the man to step up in case Pietersen doesn't recover and on Wednesday it was announced the 23-year-old will temporarily switch counties and play for Sussex against Australia in a tour match this week.
"This will provide James with a valuable opportunity to play in a longer format of the game while we consider our options ahead of the third Ashes Test next week.
"Kevin Pietersen is continuing his recovery from a calf strain and a decision about his availability for the Test will be made nearer the time."
The three-day game starts at Hove on Friday, with Australia looking to build up some confidence after two demoralising losses in the first and second Tests.
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