The Black and Whites edged Warrington Wolves in last year's final to win the cup at Wembley for the first time and are aiming to become the first Hull side to retain the trophy.
Veteran back-rower Ellis will lead the team out on Saturday and his impending retirement has given Hull extra motivation to beat Wigan Warriors, the team that whitewashed the Airlie Birds in the 2013 final.
"He's an absolute legend of the game and it's been an honour to play the last couple of years of his career with him," said Taylor.
"If anyone deserves to go out with a few trophies, it's him. I can't speak highly enough of him and the boys are really fired up to send him out lifting that cup again.
"It'd be unbelievable to win back-to-back Challenge Cups because I don't think a Hull team has done it.
"We've got the chance to go to the Grand Final this year as well. We could arguably cement ourselves as one of the greatest Hull FC teams in history.
"To have your name associated with that team, it's what I took the game up for as a kid."
Taylor was in the Wigan side that beat Hull 16-0 at Wembley four years ago and got his hands on the Betfred Super League trophy just six weeks later.
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We take a look back on our road to Wembley!
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His hometown club are aiming to emulate Wigan's achievement this year but Taylor knows first-hand how difficult it is to defeat the 19-time winners in a Challenge Cup final.
"I went there to win trophies and I did the double in the first year," said the England prop.
"I had people like Lockers (Sean O'Loughlin) helping me overcome my nerves and they'll be doing the same for their young lads this time.
"They've been there and done it. They were the Grand Final winners last year and are a top, top team. It's going to be a really tough game for us.
"They've got a lot of experience, they peak at the right time and have match-winners all over their team - from Sam Tomkins to George Williams, Micky McIlorum, Joe Burgess and Sean O'Loughlin.
"They've got internationals all over the park and you know no matter what happens you're in for a right battle.
"Waney (Shaun Wane) gets their pack fired up. They're all tough and in your faces for 80 minutes.
"I'd say a Wigan pack is one of the toughest you'll play against in your career."
