The former Minnesota Vikings running back agreed to a $12.5 million deal, with $7 million guaranteed in the first year, a source told ESPN NFL Insider Adam Schefter.
"The Bears seem like they have a great opportunity to go to the Super Bowl," Taylor said on "The Afternoon Saloon" on ESPN 1000. "I want to go to a team that could contend for the Super Bowl.
"Chicago's making all the right moves to try to win a championship, that's another thing I noticed. They want to win here. I want to come in and win. We're making the right moves."
Taylor, who had 338 yards rushing in 2009 for Minnesota, has caught 89 passes the past two seasons, which is an important quality in a Mike Martz offense. The Bears hired Martz as the offensive coordinator during the offseason.
"I'm really looking forward to [playing for Martz], because I can catch the ball and go against linebackers and get open," Taylor said. "I just want to have the same impact Marshall Faulk had when he was in Mike Martz's offense [with the St. Louis Rams]."
Taylor said he wasn't sure if he'll get the opportunity to start in front of Matt Forte.
"I'm just coming in, competing," he said.
Taylor rushed for a career-high 1,216 yards in 2006, the year before the Vikings drafted Adrian Peterson.
Jeff Dickerson covers the Bears for ESPNChicago.com.