Taylor, 29, revealed Buchanan’s plight after he defended his WBA and IBF super-lightweight world titles with a first round knockout of Thai challenger Apinun Khongsong in London on Saturday night.
The fighter, from Prestonpans, said he wants to fight American WBO and WBC champion José Ramirez next – and become Scotland’s first undisputed world champ’ since the legendary Buchanan.
Taylor said he then wants to take the belts back to Edinburgh to show to “King Kenny”, who is currently in a Leith nursing home.
Taylor said: “Potentially the next fight, to have all the belts in what is it, 18 fights? To be the undisputed champion is just the stuff that dreams are made of.
“And then I can take them back to Scotland and show King Kenny Buchanan who only stays just up the road, who isn’t keeping too well at the minute actually.
“It would be lovely to go back and see him with all the belts that he had – [to be] the first person to do it since he did, that would be amazing.”
Taylor first met former lightweight champion Buchanan, 75, while training at Lochend Boxing Club in Edinburgh, where the legend gave him advice.
The undefeated fighter, nicknamed “The Tartan Tornado”, is now thought to be just behind Buchanan on the list of Scotland’s greatest ever boxers.
Coincidentally, Taylor defended his title in London on the 50th anniversary of Buchanan’s landmark victory over Panamanian Ismael Laguna in Puerto Rico on September 26, 1970. Buchanan became WBA World Lightweight Champion by defeating Laguna.
He was named the American Boxing Writers’ Association’s “Fighter of the Year” in 1970, ahead of boxers including Ali and Joe Frazier.
In February 1971, he defeated Mexican fighter Ruben Navarro in Los Angeles to add the WBC belt and become the undisputed lightweight champion of the world.
Buchanan controversially lost his title to the legendary Roberto Duran at Madison Square Garden in June 1972. The fight was ended after Buchanan sustained a low blow at the end of the 13th round.
Buchanan retired in 1976 but returned in 1978 for a short period until 1982. With a record of 61 wins and eight losses, he is still widely regarded as Scotland’s finest ever boxer.
However, it is understood Buchanan’s health has deteriorated in recent months and he is now in full-time care.
Taylor retained his titles against the previously undefeated Khongsong in an empty arena at York Hall.
He told iFL TV of the event: “Coming in and seeing no crowd, and no music and things like that – seeing my team with all the masks and visors on – it was an unforgettable experience.”