The 6ft 2inch forward, who first made his name with minnows Concord Rangers, has had previous spells in the Football League with Bournemouth and Hereford.
He joined Falkirk last summer after leaving his short spell at the Bulls following their relegation and finished as top scorer, hitting 24 goals for the Scottish First Division club in 34 appearances.
But the Millers now say they have ended their pursuit of Taylor, despite having a bid accepted, as they arrived in Scotland for their pre-season tour.
Gaffer Steve Evans told BBC Scotland: "We have ended our interest on that one and we will not be taking it any further."
Taylor currently has a year remaining on his contract.
Lyle Taylor career playing details
Breakdown of player's club career.
| View player's season by season record. | View Falkirk squad. |
| Lyle Taylor (Falkirk) information | |||
|---|---|---|---|
| Date of birth | Thursday, 29th March 1990 | Height | 6ft 2in |
| Place of birth | Staines, England | Weight | |
| International | Position | Striker | |
| Comments | Squad No. | 9 | |
| Recent career history by club (1999 onwards) | |||||
|---|---|---|---|---|---|
| Team | Debut | Apps (+ sub) | Goals | Yellows | Reds |
| Falkirk | 11 Aug 2012 | 34 (0) | 24 | 4 | 1 |
| Bournemouth | 20 Mar 2012 | 2 (6) | 0 | 0 | 0 |
| Hereford United | 11 Feb 2012 | 6 (2) | 2 | 0 | 0 |
| Bournemouth | 06 Aug 2011 | 8 (5) | 2 | 1 | 0 |
| Woking | 05 Apr 2011 | 1 (0) | 1 | 0 | 0 |
| Lewes | 05 Feb 2011 | 4 (0) | 2 | 0 | 0 |
| Bournemouth | 28 Aug 2010 | 3 (10) | 0 | 2 | 0 |
| Eastbourne Borough | 07 Oct 2008 | 1 (4) | 1 | 0 | 0 |
| Recent career history by season (1999 onwards) | |||||
|---|---|---|---|---|---|
| Season | First App. | Apps (+ sub) | Goals | Yellows | Reds |
| 2012/2013 | 11 Aug 2012 | 34 (0) | 24 | 4 | 1 |
| 2011/2012 | 06 Aug 2011 | 16 (13) | 4 | 1 | 0 |
| 2010/2011 | 28 Aug 2010 | 8 (10) | 3 | 2 | 0 |
| 2008/2009 | 07 Oct 2008 | 1 (4) | 1 | 0 | 0 |
Total appearances 59 (+ 27 as sub); Goals 31; Yellow cards 7; Red cards 1