Taiwo came to Cardiff in August 2009 but has never commanded a regular first team place.
Daggers boss John Still said: "Sol was a terrific player for us here before he was sold and has enjoyed his time at Cardiff, but one or two injuries has left him a touch behind.
"We're hoping he can come back here and perform in the manner that he was and that he can help us push on and collect a few more points.
"Everyone is aware of what a fantastic job these players have done for this football club but maybe right now they need a bit of help.
"We're going to try and give them a bit of help by bringing in another one or two new faces with a little bit more experience and ability besides Sol."
Dagenham face Hartlepool at home tomorrow.