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.
Port Vale have signed former Wigan Athletic and Newcastle United defender Ryan Taylor on a short-term deal, subject to league approval.