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The reigning IMSA SportsCar Championship title winner, who notched up his second Daytona victory in January, will partner full-season drivers Ben Hanley and Henrik Hedman in the DragonSpeed ORECA-Gibson 07 LMP2 car at the Barcelona series opener on 18 April.
The team will subsequently bring in a different star driver for each of the remaining five rounds of the series.
Team boss Elton Julian explained that revolving the third driver in its ELMS entry is designed to complement the team's campaign in the World Endurance Championship with Hanley, Hedman and Juan Pablo Montoya.
"Our ELMS programme is really designed to support our WEC effort," he said.
"Carrying over a bronze-plus-two-pros line-up to the ELMS will help sharpen our WEC Pro/Am campaign in terms of driver preparation, race strategy and acclimating to the new-spec Goodyear tyres.
"The ELMS races are also a perfect way for us to bring some great drivers into the team as 'guest stars' with an eye on our ambition to compete at the top level of global sportscar racing."
Taylor added: "I've always admired DragonSpeed's accomplishments on and off the track, so I'm excited and grateful for the chance to join the team alongside Henrik and Ben.
"My ELMS debut will let me combine my enjoyment of racing LMP2 with a shot at the top step of the podium as part of a team that's been there many times."
The 31-year-old is familiar with the LMP2 ORECA as the Acura ARX-05 Daytona Prototype international he has raced in IMSA since 2018 is based on the 07 design; and the last of his six starts in the Le Mans 24 Hours in 2019 came aboard one of the French chassis.
Taylor was recruited to drive for the Penske Acura team ahead of the 2018 season from the family Wayne Taylor Racing operation, with which he had won the IMSA title in 2017 with younger brother Jordan.
He returned to WTR for this season on its switch from Cadillac to Acura chassis.