"I wouldn't have thought the players know if they've been selected yet," said Taylor, who won 66 Scotland caps. "From memory they don't know until it's announced. You find out when everyone else does.
"I don't think the guys get preoccupied by it. Obviously the guys who have got a decent chance will know that and there are not going to be many bolts from the blue.
"But in any case, it's still a shock to see your name in there, unless of course you're Brian O'Driscoll and been there three times already.
"If you are a young guy and see your name come up on the list it's a huge thing. You think 'how did this happen, how am I suddenly involved in this?'"
Taylor earned his first Lions call from Graham Henry in 2001 and he was once again selected by Sir Clive Woodward four years later.
But the Bath flanker's own memories of touring with the Lions are twinged wth disappointment due to injuries. He featured in just one match in Australia and not at all four years later in New Zealand.
Despite his injury-ravaged tours, Taylor still has fond memories of his involvement with the cream of British and Irish talent.
"It was a huge event back then and if anything it's getting bigger and bigger," said Taylor. "The hype and excitement around it is massive, and rightly so.
"It's a unique thing in any sport, with four different countries all coming together. It's definitely got a romance about it and the players certainly see it that way.
"The fans will all be going over in their thousands as well, so it's an exciting thing for rugby fans to enjoy over the summer. Australia is a huge sporting nation but I think when the Lions come along it still takes precedence.
"I think that feeling that you are involved in a massive occasion is there for everyone."