Taouil joined Killie in October after being released by Montpellier
Kilmarnock have released strikers Paul Di Giacomo and Gary Wales but hope to reach an agreement to re-sign midfielder Mehdi Taouil next week.
Manager Jim Jefferies told BBC Sport: "We have one or two bits to tie up with Mehdi, but we've agreed to speak again on Monday when I'm back from holiday.
"Paul and Gary needed to make a certain number of appearances to trigger automatic extended contracts.
"They failed to achieve those and we have let them go."
Di Giacomo had been on the Ayrshire club's books since 1998.
During that time he had loan spells at both Stirling Albion, and last season, Partick Thistle.
Wales scored 18 goals in four years at Rugby Park after signing from Gillingham.
Kilmarnock boss Jefferies admitted his squad will need to be bolstered after the two departures.
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