Taylor wrestled for Penn State from 2009-14 and amassed a 134-3 record.
"With one year of eligibility left, I want to end my collegiate career on my terms. Healthy, in style, and in a dominant fashion."
Barraclough is the first reported Nittany Lion to enter the portal this offseason.
Wrestling fans had the opportunity to attend a free fan fest on Friday and Saturday across the street at Pegula Ice Arena.
"After thinking about it some more, I'm about 60/40 coming back now."
Penn State has three affiliated wrestlers heading to the 2024 Paris Games along side a fourth wrester who will battle for representation in May.