Taylor spent 11 seasons with the Jaguars and is the franchise's all-time rushing leader with 11,271 yards. He also ranks third in team history in receptions with 286.
The Florida product notched 1,000-yard seasons seven times with the Jaguars, including a franchise-record 1,572 on 345 rushing attempts in 2003.
"Freddy-T was my guy, my 'Wonder Twin' warrior on the field, one of the best backs in the game. He set the tone for the rookies and pushed us vets to be accountable," Taylor's former teammate Jimmy Smith said.
Originally selected ninth overall in the 1998 draft, Taylor set a Jaguars rookie record with 1,223 rushing yards.
The Jaguars released Taylor after the 2008 season and he played the next two years with the Patriots.
Over 153 career games, Taylor rushed for 11,695 yards and 66 touchdowns. He also caught 290 passes for 2,384 yards and eight scores.
Taylor's lone Pro Bowl selection came in 2007, when he ranked fifth in the AFC with 1,202 rushing yards and was the only player in the NFL to record five consecutive 100-yard rushing games.