The Bobcats have been quietly decent this season, and improving towards a potential playoff appearance.
The injury happened just 30 seconds into the Bobcats' game on Friday against the Pistons as Taylor went down without any contact after slipping on the floor.
Taylor, 24, has started the last eight games for the Bobcats because of an injury to Michael Kidd-Gilchrist.
Kidd-Gilchrist is expected to return sometime in early January, but without him, the Bobcats are extremely short-handed at small forward with Anthony Tolliver and Chris Douglas-Roberts as the only remaining options.
Taylor, in his second season out of Vanderbilt, had been playing well averaging 8.0 points and 2.3 rebounds in 26 games this season.