Taylor had been with the Rams for two seasons
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Derby manager George Burley has released four players, including captain Ian Taylor - but offered defender Pablo Mills a new contract.
Midfielder Marco Reich, striker Junior and defender Chris Makin are not being offered new deals - although Makin's future will be reviewed in the summer.
"It has been a difficult decision," Burley told the Rams' website.
"All these players have done their best for the club, and they all depart with our best wishes for the future."