Taylor is looking to leave Fratton Park in order to secure regular first-team football and a £3million fee with Bolton has been agreed.
Megson concedes he has yet to talk to the former England Under-21 international about a move to the Reebok.
"We've got an agreement with Portsmouth that was arranged last Thursday," Megson told the Bolton News.
"I spoke to Harry last week and again on Monday about being able to speak to the lad. But as yet we haven't had an opportunity to talk with him.
"Because 'H' is trying to bring in players himself, he is reluctant to let Matty go before that point."
Taylor is understood to be waiting on any potential interest from Reading as he is concerned about moving north, which could impact on Bolton's bid.