The 31-year-old Taylor will join star signal-caller Deshaun Watson as the only quarterbacks on the Texans' roster. Watson, however, has already informed Houston head coach David Culley that he doesn't want to play for the team moving forward.
Watson, who signed a multiyear contract extension less than six months ago, was frustrated with the franchise over its decision process that led to the hiring of general manager Nick Caserio in January.
On Thursday, Culley reiterated the Texans' commitment to Watson, saying: "We are very committed to Deshaun as our quarterback. He is our quarterback. He's the only guy we got under contract at this time right now."
By reaching a one-year agreement with Taylor, the Texans now have a contingency plan in place if Watson is traded or if he doesn't report to training camp.
The Baltimore Ravens selected Taylor in the sixth round of the 2011 draft out of Virginia Tech. In 72 career games with the Buffalo Bills, Cleveland Browns, Chargers and Ravens, he has recorded 9,770 passing yards, 54 touchdowns and 20 interceptions. He has added 1,850 yards and 16 touchdowns on the ground.