The Delhi-based franchise had acquired Taylor, the former New Zealand captain, from his previous team, Rajasthan Royals, ahead of the 2012 season.
The Pune franchise will be Taylor's fourth IPL team - he represented Royal Challengers Bangalore in the first three IPL seasons, before playing a season each for Rajasthan Royals and Delhi Daredevils, respectively.
"We are elated to have a batsman like Ross Taylor in our ranks. He will add muscle, panache and of course, experience, to our middle order in the forthcoming season," said Sushanto Roy, managing director, Sahara Adventure Sports Ltd.
Ashish Nehra, the India speedster, was part of the Delhi Daredevils squad in the 2009 and 2010 seasons. His best IPL performance was in 2009, when he took 19 wickets from 13 matches for DD.
Nehra had earlier represented Mumbai Indians in the inaugural season in 2008. He was bought by Pune Warriors India in the 2011 Player Auction, but missed the 2011 season due to injury.
"Ashish Nehra will constitute an integral part of our bowling attack in the 2013 season. We were the best team at the league stage in 2012, and with a player like him around, we are confident that we will go the distance," T.A Sekar, head (cricket), GMR Sports, said.
The only other player transfer to have taken place this season is that of T. Suman from Mumbai Indians to Pune Warriors India.