Because the Detroit Lions could still use help at the running back position, Taylor is already being mentioned as a player they may look at. ESPN's John Clayton went a step further, saying he expects the Lions to make a run at signing Taylor.
When the Bears release Chester Taylor, expect the Lions to make a move on him. He's the physical type or runner they are looking for.
Jahvid Best, Maurice Morris and Aaron Brown are expected to make the 53-man roster for the Lions at running back. You can also add Stefan Logan as a running back, although he isn't used often at the position.
With Mike Bell being released earlier today, the final spot at running back currently appears to be between Jerome Harrison and Ian Johnson. If the Lions are able to add Taylor, that would mix things up a bit going into the final round of roster cuts. He could edge both Harrison and Johnson for a spot on the roster, so this is certainly something to keep an eye on.
UPDATE II: Taylor is in fact still on the team, and Smith claims there was a misunderstanding. My bet is the Bears are trying to get something for him via a trade rather than letting him go for nothing.