A statement on the club's website from chairman, Paul Scally said: "I have received already a huge response from potential new candidates such that the process of considering a replacement manager is clearly going to take some considerable time.
"With that in mind... I contacted Peter Taylor this afternoon to ascertain whether he would consider coming back to the Club on an 'interim manager' basis pending a full time appointment to be made in the weeks ahead.
"I am delighted that Peter has accepted this role and he will take responsibility for the team with immediate effect, meeting the Management and Players tomorrow morning, and taking charge of our game against Preston on Saturday and thereafter until a permanent appointment is made."
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AFC Bournemouth have signed tricky international winger Max Gradel from St. Etienne for an undisclosed fee.