Newcastle's offer for the 22-year-old has been rejected, although the club still hopes it will be enough to secure the Wales international's services.
Taylor's agent concedes it has been a slow and drawn out affair and admits his client remains in a "delicate position" until his future is finally resolved.
"It is slow progress at the moment but at the same time it needs to be resolved because the lad is in a very delicate position," agent Jamie Moralee told The Journal.
"At the moment clarification is being sought from the Premier League and we are waiting for that but Newcastle have made it clear that they won't go above £1million, which is not an offer that Swansea will accept."