Details regarding both of those switches have not yet been agreed, however, and Taylor will not move to Parkhead until they are sorted.
Neil Lennon said after his side’s 2-0 win over Rangers on Sunday that he was “hopeful” Taylor would join.
The matter could be further complicated by Taylor’s inclusion in the Scotland squad, who are due to meet today to kickstart the international break.
It is believed the 21-year-old would be granted time to complete his move by manager Steve Clarke, however.
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Celtic transfer news: Greg Taylor (left) has passed a medical at Parkhead (Image: Getty)
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Lennon has been coy about Celtic’s business since selling Kieran Tierney to Arsenal for £25m in August.
Celtic fans have demanded the money to be reinvested on new players and chief executive Peter Lawwell has received the brunt of the anger.
Lennon defended the white-collar last month, though, saying: “I’m not aware of how much money there is.
“But Peter does what’s best for the club and he always has done, maybe to the detriment of himself sometimes.
“I know he puts the club first and the future of the club at all times.”