The appeal will be heard by an independent QC and was expected to take place within the next two weeks.
But following the club's failure to pay the players' wages, it is understood that hearing could now take place next week.
"The players are being realistic about the situation," Taylor added.
"It's not ideal. It's obviously better for them to have some certainty, but they are holding together and will wait for the outcome of the appeal, which could be next week.
"We've been involved with meetings between the club and the players and all parties are satisfied with this way forward."
Current Leeds owner GFH Capital meanwhile, are understood to argue that when Cellino exchanged contracts with them to buy 75 per cent of the club's shares in February, he agreed to meet the running costs for the following six months.
"Ideally every club needs to have good, strong ownership and a long-term strategy for continued success, but that cannot be guaranteed in football," Taylor said.
"Leeds have reached the very top of the game and with their history are still considered to be one of our big clubs, with an excellent supporter-base.
"We hope a club with all this tradition has the strength to come through this.
"In an ideal world the situation there at the moment would not happen, but football is not as easy as that."
Massimo Cellino has formally appealed against Football League's decision to block him from buying a majority stake in Leeds.
The Football League has said it could take up to 10 more days to make a decision on the ownership of Leeds.
The Football League has said it cannot make progress with Massimo Cellino's bid to purchase Leeds.