Taylor stepped aside for last week's friendly against Holland which England won under the guidance of SammyLee to establish themselves as contenders for the title.
Bolton started the match second from bottom in the Premier League and with Archie Knox temporarily at the helm, following the departure of boss SammyLee in the week.
It was reported that Speed had a training ground argument with Bolton manager SammyLee, after being left out of the 1-0 loss against Chelsea that left Wanderers in serious trouble near the foot of the Premiership.
Megson took over from SammyLee at Bolton in October 2007, lifting the club out of relegation danger to finish 16th in his first season and guiding the club to a 13th-place finish in his only full campaign with the club in 2008-09.
Denesh Ramdin and Darren Sammy both went for ducks and there was even greater concern in the home dressing room when Lee struck Chanderpaul a sickening blow on the back of his protective helmet.