The Republic of Ireland defender has been sidelined since January, undergoing tendon surgery on her left foot after sustaining an injury against Tottenham Hotspur.
As a result, she missed the closing stages of the 2019/20 campaign and opening months of the 2020/21 season but Taylor says she could feature in City's Group C finale against the Reds.
The City boss added he may opt to rotate the squad, as the FA Cup winners round off an intense period of fixtures before the international break.
"There's a possibility that Megan Campbell might be involved in the squad, which is good news," he told ManCity.com.
"It's been a long time for her but she's been patient and worked tremendously hard.
"There's an opportunity for others to get a start, who have been waiting in the wings.
"Players are making their way back and everyone else is okay (from the weekend)."
Taylor led the team in his first Manchester Derby on Saturday, but City surrendered a two-goal lead to draw in the FA Women's Super League.
The 47-year-old admits lessons have been learned from the setback but says his side have responded well in training, eager to return to winning ways against United in midweek, securing progression to the Conti Cup knock-out stages and the city's bragging rights.
"It's a game we're looking forward to," he continued.
"The girls have been great this week. It's a different competition and a good opportunity to put on a good display and gain the result we need to go through to the quarter-finals.
"At the same time, we can potentially knock out one of our rivals!
"We go into each game wanting to win but other teams want to do that as well, of course.
"I'm expecting a competitive game. On Saturday, it was certainly a game of two halves.
"The result was probably more of a high for them but at the end of the day, it was a draw in a competitive Manchester Derby.
"I was really proud of the players and the way we played in the first half - we played some fantastic football.
"I never thought we were in any danger - I never thought they were a threat. Set plays looked to be their only way of getting back into the game and we've been working hard on trying to eliminate those errors.
"It was an exciting Derby and one in which we probably did enough to win. If we improve in the final third, I'm confident we'll win more games than not.
"There were some real positives to take from a big game and we continued our unbeaten run since the FA Cup Final.
"You never know after a Cup Final - with the high of getting a medal and trophy in the cabinet early - what the reaction will be.
"Since then, the performances we've had have had good elements of play and everyone has played their part.
"We just need to do what we need to do in order to progress on Thursday. We want to come out successful.
"We always focus on us, taking care of what we can control and let what happens to others happen.
"We've had a decent amount of games since the Cup Final and we're on a good unbeaten run, which we hope will continue."
Tuesday marked a record-breaking day for the Club, as twelve City stars were named in England's Lionesses squad.
Taylor expressed his pride for the news - particularly Laura Coombs' inclusion, declaring the call-up testament to her efforts.
"It's amazing," he declared. "It goes to show we're doing good things and that we have good players.
"It's a really nice thing for the Club to have.
"I'm so pleased for Laura. She fully deserves her call-up. She's brought elements of calmness to the way we play and she's added goals to her game.
"It's a really nice story and reward for someone who's done really well.
"It's what we want: players gaining different experiences, playing against top players on the international stage.
"It's going to help improve their game.
"With the number of international players we have, we'll be left with small numbers at training but overall, it's a good thing to have players playing for their countries."