Millen has ruled out applying for the job on a full-time basis, meaning a new manager from outside the club is the most likely scenario.
Sexton would not comment on the prospect of Scunthorpe-born Taylor joining the club, but told PA Sport: "Experience will be a key attribute in any appointment."
60-year-old Taylor, who grew up close to the Old Showground and whose father was a sports reporter at the Scunthorpe Evening Telegraph, had been linked with the Robins.
Sexton added: "At this time we are not in a position to confirm or deny anything relating to an appointment.
"We are still in the early stages of the process and we will not be rushing in to a decision.
"I'm not going to name names but we are drawing up a shortlist and experience will be a key attribute for applicants in any appointment.
"Athere have been a few phone calls, we've not actually received a formal application yet - but I'm sure it's only a matter of time before they start to come.
"I'm sure we'll get a stack of them as high as the roof, so we will have to take our time and ensure we appoint the right man for the job."
"I'm sure we'll get a stack of them as high as the roof, so we will have to take our time and ensure we appoint the right man for the job."