Idowu lost his world title to Taylor in Daegu last year, settling for a silver he is determined to upgrade this summer.
At just 21, Taylor is considered one of the brightest prospects in athletics but Idowu has started the season more impressively, winning their encounter at the recent IAAF Diamond League meeting in Shanghai.
And Idowu and Taylor will both compete at the Aviva London Grand Prix at Crystal Palace on July 14, just over three weeks before they clash again at the Olympic Stadium.
“I’ve got a good winter of quality training under my belt and now I’m aiming for the gold medal," said Idowu.
"The Aviva London Grand Prix is perfect for me to keep sharp and get the support of the home crowd which will give me a taste of things to come in the Olympic Stadium.
"I’m never one to avoid my main competitors. We have all had some great battles in previous years but if I go out there and execute at Crystal Palace, I’m confident that it will give me a boost towards competing at the Games.”
Taylor warmed up for his victory in Daegu with a win in London last year and believes success so close to the Games could give him a mental advantage over Idowu.
“I’ve watched Phillips ever since I started up in track and field and besides being his rival, I’m also a fan," he said.
"We went head-to-head all summer last year – he won some, I won some.
"Fortunately for me I came out on top in the London Grand Prix and then the World Championships in Daegu.
"It was nice to beat Phillips in his home town but I know what he’s capable of and I know he’s never to be underestimated."