Taylor, 32, came through the youth ranks at Highbury, and made enough first-team appearances to claim a championship winners' medal in 2001/2002 and also was on the bench for the FA Cup final win over Southampton at Wembley.
However, after finding Jens Lehmann and Manuel Almunia ahead of him, Taylor moved on to Aston Villa in 2005, where he would also see opportunities limited behind Scott Carson, Brad Friedel and then Brad Guzan.
Following a loan spell at Cardiff and a move to Manchester City, where his only appearance was in a 2010 FA Cup tie against Scunthorpe, Taylor ended up signing a one-year deal with the Royals.
Injuries to both first-choice Adam Federici and deputy Alex McCarthy meant Taylor has started the last three league games and he would relish the opportunity to face his old side in what will be new manager Nigel Adkins' first match in charge.
"I have never actually played against Arsenal. It would be a great experience to go back there - it is a great club, who I have very fond memories of," Taylor said in an interview with www.readingfc.co.uk.
"It was a great place to be a player. The fans were always great there - and to play with some of the players that I did, it was a real honour.
"They had a number of really world-class experienced players there at the time, unbelievable players all of them, and, as he still does, Arsene Wenger started to throw in the youngsters in alongside them.
"Arsene Wenger gave me my chance and I will always be indebted to him for that. Arsenal are going through a bit of a change at the moment, but some of the players they have coming through are fantastic.
"A year or two down the line I think you will see these young players and the team as a whole become stronger. When a couple of those young players have a bit more experience under their belts, that is when Arsenal will be a real force."