Reports have suggested that Green, who was diagnosed with a stress fracture in his lower back and was ruled mid-way of Australia's ODI series against England, has been presented with a choice of surgery or rehab.
Going under the knife would mean Green would be out of the Border-Gavaskar Trophy and Australia’s subsequent tour of Sri Lanka. It would also mean Australia would need a new number six batter and rejig their batting order, as Steve Smith is expected to be back batting at number four.
If that happens, Australia need a new opener for the blockbuster series against India and Bancroft, who’s been the leading run-getter in Sheffield Shield’s last few seasons, should partner with Khawaja at the top, according to Taylor.
"It's an awkward one isn't it? Cam Green was out of the Australian side during the Ashes series of last year and Mitch Marsh came in but Australia were very keen to get him back in. I think Smith will move back to No.4.
"So the question is who will open? I'd love to see a right-handed opening batsman get the opportunity. And to me at the moment ... I would have Bancroft penciled in alongside (Usman) Khawaja," said Taylor on Nine's Wide World of Sports show.
Khawaja will turn 38 during the series against India, and Taylor believes Australia needs to prepare itself for their next-gen opening pair in Tests. He also feels that young opener Sam Konstas, who hit back-to-back hundreds against South Australia, might even get a look-in for the Tests against India.
The performance against South Australia might also get Konstas an entry into the Australia A side for two four-day matches against India A, happening in Brisbane and Mackay from later this month.
"He's not going to play that much longer either so we're going to need to find another opener so that's when I'd then think about going back to a (Marcus) Harris or (Matt) Renshaw to replace the left-handed Khawaja so that's what I'd be thinking at the moment.
"There's some big Shield games coming up. NSW play Victoria in the next week or so, that'll be a big game. If Sam Konstas is playing well I would not rule him out of playing the first Test match."
Taylor signed off by hoping the Sheffield Shield is back as a barometer of selection for the Australian selection committee headed by ex-captain George Bailey. "I certainly hope so. It's certainly been diluted, because there's so much cricket on ... it's hard for a selector to get an absolute feel on any individual and what sort of form they're in."
"Right now the Shield is absolutely vital because I think as I said, if Konstas plays well and if Bancroft is not in form for that first Test match I'd be going to Konstas and giving him a go," he concluded.