Cleveland selected Taylor with their first pick at No. 21 overall in the 2011 draft. He played in only five games in 2014 because of a knee injury.
In 44 career NFL games, Taylor has seven sacks, including four as a rookie.
The Browns exercised the fifth-year option on Taylor's contract last year, and by not cutting him before March 10, his $5.5 million salary is fully-guaranteed.
Cleveland will further cut its roster down to 53 by 4 p.m. Saturday.
- Kayla Lombardo