The 32-year-old, who can also play in midfield, has spent nine seasons of his career playing Premier League football.
He was a free agent after his release by Hull City in June, having played 12 times last term as the Tigers on promotion back to the top flight.
He is available for Vale's home League One match against Oxford on Saturday.
Taylor is the 18th signing made by new Vale boss Bruno Ribeiro since taking over in June.
Find all the latest football transfers on our dedicated page.

Here are some of the most memorable quotes from the billionaire businessman and Newcastle United owner's appearance:
On the growth of Sports Direct:
On ending sexual harassment in the workplace:
"Simple as that fellas. Not just fellas, girls. Sorry."
He said he would change unfair practices but added:
When asked about his offer to fly MPs to the firm's headquarters in his helicopter:
"There are far too many of you. You wouldn't get very far."
As the list of allegations were put to him:
When asked about BHS:
Oh, I can't resist it. 100% I wanted to buy BHS.
After that revelation, he pleaded:
"Please don't ask me any more questions or else I'll get shot."
Port Vale have signed former Wigan Athletic and Newcastle United defender Ryan Taylor on a short-term deal, subject to league approval.
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Sports Direct's Mike Ashley has been grilled by MPs about the working practices at his firm after a series of allegations.