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 the DareDevils, respectively.
Former India speedster Nehra was part of the DareDevils squad in the 2009 and 2010 seasons.
His best IPL performance was in 2009, when he took 19 wickets from 13 matches for the DareDevils.
He had earlier represented the 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. He played for Pune in 2012.
Meanwhile, according to reports, Hero has withdrawn as a co-sponsor for the sixth edition of the IPL.