Taylor was averaging 15 points, four rebounds and three assists in three games this season when he suffered the injury late in a victory over Iowa at Madison Square Garden.
The Longhorns are 8-2 without Taylor -- who is arguably the team's top player. Texas lost at Kentucky and also dropped a home contest to Stanford. Javan Felix has replaced Taylor in the starting lineup.
Texas (11-2) will face Texas Tech in Lubbock on Saturday.