Pompey favourite in charge of Swindon
The 36-year-old has stepped up to temporarily replace Dave Flitcroft, who today quit the Robins to become Mansfield boss.
Taylor joined League Two side Swindon in the summer, making 30 appearances and scoring five times.
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Hide AdNow he will combine playing with managerial duties as the club decide their next step.
Taylor amassed 203 appearances and netted 29 times in five-and-a-half seasons at Fratton Park, before leaving for Bolton in January 2008.
During that time he was a key member of Harry Redknapp's 2002-03 promotion side and the 2005-06 Great Escape, establishing himself as a hugely popular Blues player.
His first match in charge is a home clash with Yeovil on Saturday.