The Mariners already had an opening for Montero on their 25-man roster after trading Dustin Ackley to the Yankees prior to Thursday's game and Taylor's departure opens the way for Marte.
Taylor went 1-for-4 with a double Thursday and has hit .170 in 37 games this season for Seattle.
With Robinson Cano sidelined by a strained abdominal muscle, Marte can play second base and also has recently received some playing time in center field, where he'd be a backup option to Austin Jackson now that Ackley is gone.
Marte, 21, is a switch-hitter who has put up a .314/.359/.410 line in 65 games with Tacoma and played in the Futures Game earlier this month in Cincinnati. He's the Mariners' No. 2-ranked prospect by MLB.com.
Montero is also expected to rejoin the Mariners after continuing his hot hitting for Tacoma, where he's put up a .346/.388/.551 line with 16 home runs and 75 RBIs in 93 games. Montero played five games with Seattle in a brief callup earlier this month, going 3-for-10 with one RBI and three walks.
Greg Johns is a reporter for MLB.com. Follow him on Twitter @GregJohnsMLB, read his Mariners Musings blog, and listen to his podcast. This story was not subject to the approval of Major League Baseball or its clubs.