According to the report, the two are in the "early discussion phase" looking at the possibility of Sanders becoming FSU's defensive backs coach. Sanders was a two-time All-America cornerback at Florida State in 1987 and 1988, and also played baseball and ran track at the school.
The 50-year-old, who now works as an assistant high school football coach and NFL Network analyst, is in Shreveport, La., for the Seminoles' Independence Bowl matchup against Southern Miss on Wednesday.
Taggart posted a photo of himself with Sanders Wednesday, saying "It was great catching up with the G.O.A.T." Sanders also talked with FSU athletic director Stan Wilcox on the sidelines at the game.
In a Twitter exchange over the weekend, a fan tweeted:
@DeionSanders you are what got me turned on to Florida State Football?? It would be the best thing that has happened to FSU if you'd come Coach, you are the BEST????
Sanders' response: Maybe.
He told another fan on Twitter who suggested it that "You never know."
Sanders served last season as offensive coordinator at Trinity Christian-Cedar Hill in Cedar Hill, Texas, where his sons go to school. The team won the Division II State Championship of the Texas Association of Private and Parochial Schools.
Sanders, who was nicknamed Primetime and Neon Deion, played 14 seasons in the NFL and was an eight-time Pro Bowl cornerback. He was inducted into the Pro Football Hall of Fame in August 2011 and into the College Football Hall of Fame that same year.
He also had a nine-year part-time baseball career.