Ferdinand is reportedly involved in talks about launching a new union - with the working name of The Federation of Black Players - that would be open to players from all ethnic backgrounds and self-funded by professionals at every level.
Ferdinand, his brother Anton and several players from Premier League clubs refused to wear Kick It Out T-shirts at the weekend in protest at what they see the weakness of the authorities’ stance on racism.
But Taylor says the protests risk creating serious faultlines within the game. Taylor has called on the likes of Ferdinand and Jason Roberts to work with him and unite a sport struggling to tackle racism collectively.
"I feel we are imploding," said Taylor. "The longer it goes on, the more divisive it is becoming. We have black player against black player, different views of Glen Johnson, Ashley Cole, Rio Ferdinand. I just feel it is time for cool reflection on their behalf. Above all, don’t let it divide us.
"If they want their own particular select group who they feel they can influence everybody more than the whole PFA as a union together, I would say they are seriously mistaken.
"If we are not careful this will set us back years. It would not only set back the game, it would set back the anti-racist initiative. It would encourage the extremists."
Ferdinand this morning posted a cryptic tweet, apparently in relation to the the report, which claims a draft constitution is already in place.
Taylor insists that Ferdinand's preference for communicating through social media is exacerbating the situation.
"As I said to Sir Alex Ferguson: 'I’ve been trying to get Rio around the table to articulate his views.' He just has his Twitter account, and his texting, and I can’t get to him. You can’t run the world that way. You have to face up to things."
Lord Ouseley, meanwhile, the chairman of Kick it Out, has risked fresh damage to his relationship with high-profile black players after openly questioning the logic of Ferdinand’s refusal to publicly support his charity’s campaign.
In an interview with ESPN, he said: "Would Rio tell England where
to stick their shirt if picked or does he think the FA has done enough to
tackle racism? Will he tell
"Should we tell women not to support women against rape groups because they have not done enough to stop men raping women? Is that the best black footballers can do. That will frighten the powers that be."
In a separate interview, he added: "The issue is that the T-shirts have become the story whereas the actual grievances of black players, both current and former, have not come out in the open. We need to be talking about what their legitimate grievances are and how they can be tackled and resolved."