The announcement could be made as early as Tuesday, after Mr Taylor ousted the Liberal Party's first female leader Sussan Ley in a spill.
It is widely expected the Hume MP will reward his factional allies, with senators Jacinta Nampijinpa Price and Sarah Henderson and Western Australian MP Andrew Hastie tipped to return to the frontline.
Promotions could come at the expense of Ms Ley's key backers after she was ousted on Friday, losing to Mr Taylor's 34 votes in a party room ballot.
Alex Hawke, Andrew Wallace, Scott Buchholz and Anne Ruston are among those who face losing their shadow ministries.
However, an expert said Mr Taylor should take notes from former Liberal leader John Howard's "broad church" approach to designing a front bench, ensuring moderate and conservative voices were represented.
"The most important job for Angus Taylor right now is to come up with a front bench ... that can work together to make policy, because that was Peter Dutton's greatest failing," Australian National University political scientist Jill Sheppard said.
"He'll have to balance stacking the front bench full of his own."
One way to strike that balance might be to promote moderate Tim Wilson to shadow treasurer, Dr Sheppard said.
Senator Nampijinpa Price is lobbying for a frontbench role, declaring "I'm back baby" while remaining unapologetic about previous negative remarks about Indian voters.
"I'm back baby ... I was having a breather, but I'm back. The fire's back," she said on Karl Stefanovic's podcast.
The NT senator was axed from Ms Ley's front bench after claiming the Albanese government prioritised migrants who were likely to vote Labor, naming Indian Australians as an example.
She failed to apologise for the comments and refused to voice support for Ms Ley's leadership.
"Don't try to force me to apologise for something that doesn't require an apology," she said.
Senator Henderson, who was dumped from Ms Ley's front bench when it was announced in May, made her desire to return clear.
"I do hope that I return to the front bench but as Angus has made very clear, we are in such a dire situation," she said.
The first poll released since Ms Ley was ousted shows support for the coalition up three points to 23 per cent, a tie with Pauline Hanson's One Nation.
"Angus Taylor has made fairly clear that he knows the initial challenge for the coalition right now is from the right and that they need to stem this bleed of voters," Dr Sheppard said.
Asked if the Nationals would renegotiate the deal that brought the coalition back together, Nationals MP Kevin Hogan said his party was relaxed about it.
Ms Ley agreed to reunite the coalition on condition the Nationals frontbenchers who broke shadow cabinet solidarity over hate crime laws in January were suspended for six weeks
"If we come back on March the first or we come back tomorrow, we are relaxed about that," Mr Hogan told Sky News.
