Taylor was a starter for Miami last year, so this move comes as a slight surprise.
Taylor, 25, is a former sixth-round pick of the Dolphins back in 2017. He was entering the third year of his four-year, $2.55 million contract and set to make a base salary of $645,000 for the 2019 season.
In 2018, Taylor appeared in eight games for the Dolphins and recorded 27 tackles and two sacks.
Jenkins, 30, is a former third-round pick of the Saints back in 2013. Jenkins spent three years in New Orleans before he was waived during the 2016 season. He later caught on with the Seahawks and finished out the year in Seattle.
The Bears signed him to a one-year contract last offseason but released him right before the start of the 2018 season. He later signed with the Giants.
In 2018, Jenkins appeared in seven games for the Giants and did not record a stat.