The 34-year-old Canto has previously driven Carrera Cup machinery while undertaking driver coaching duties at test days, but is yet to race in the championship.
Taylor established his own Scott Taylor Motorsport team this year after moving into the class with McElrea Racing during 2014.
The team, which is also running Shae Davies at selected events, is being run by experienced engineer and technical director Campbell Little.
“I'm looking forward to working with Scott and coaching him ahead of the event,” said Canto.
“It will also be great to work with Campbell again. We've worked together in previous years at a couple of race teams and we've always worked well together. “
The May 22-24 Phillip Island meeting will also see Canto continue in the Australian GT Championship alongside Andrew Taplin.
Canto is again slated to join David Reynolds and Prodrive Racing Australia for the Pirtek Enduro Cup V8 Supercars races later this season.