Kembali
The legendary former Watford boss, who tragically passed away in January 2017 at the age of 72, was also a hugely successful figure for Tuesday's opponents, Lincoln.
Tuesday will mark the sides' first competitive meeting with each other since Taylor's passing, and he will be remembered with the new trophy, which will be contested every time the sides meet in a competitive game.
To commemorate his managerial success, the trophy will be a replica of the Fourth Division trophy, which Taylor won with both clubs.
Across his spells as Watford boss, Taylor oversaw five promotions, including taking the Hornets from the Fourth Division to the First Division in just five years.
After his historic achievements as Watford's head coach, Taylor also served as the club's non-executive chairman from 2009 until 2012, and retained honorary life president status until his passing in 2017.
Taylor also achieved huge success with Lincoln, whom he both played for and managed throughout a nine-year association with the Imps.
The former full-back played 150 league games for Lincoln from 1968 until 1972, and later managed them for five years between 1972 and 1977.
During his time as manager, Taylor led Lincoln to the Fourth Division title, the same title he later led Watford to win too.
The match between Watford and Lincoln will get underway at Vicarage Road from 19:45 GMT on Tuesday, 3 November.