Rodgers toured with Taylor and Brian May from 2004 to 2009 and released the album The Cosmos Rocks in 2008. However, the group have not performed live together for two years.
The legendary drummer said that he has "not ruled out" a reunion with Rodgers, adding that they may even reform for a performance at the London Olympics next year.
"I wouldn't rule it out," he told Rolling Stone. "In fact, I read the other day Paul said he wouldn't mind doing something.
"If something came up as special, we could maybe do that, maybe the Olympics or something. But I certainly wouldn't rule it out and he is a wonderful singer, there's no doubt about that."
Taylor also revealed that he will be putting together a special Queen tribute band called The Queen Extravaganza, and will oversee auditions for the newly assembled group.
"Essentially we're producing our own show using our own footage and production values to make a show because, let's face it, we're getting a little long in the tooth, but there are an awful lot of tribute bands, some of them good, some of them not good. And we put together something that we felt was purely extraordinary," he explained.
> Queen's Brian May pays birthday tribute to Freddie Mercury: "He lived life to the full"
Watch Queen + Paul Rodgers perform 'We Will Rock You' below: