He said: "Chris and Semisi are both in contention now. They may not start on Saturday but they will be involved.
"They were both playing very well before their injuries and were key for us before Christmas. So we'll see how they get on before making a decision about the Exeter game next weekend."
Taulava, who last played for Warriors in the New Year defeat to Leicester, was in fine form before his set-back.
And Hill recognises how much of a boost his side will gain when the giant number eight returns.
He continued: "A lot of our moves revolved around Semisi carrying and getting us across the game line. We've had to find other ways of getting across the game line without him there.
"It makes a big difference if you've got a couple of big carriers in the back row and it will be great to have him back. He might be lacking a little bit of match fitness but he's trained really well in the last two weeks."
Warriors began this season with an injury crisis on their hands as nearly a third of the squad were ruled out of action. But Hill is confident the season won't end in the same way.
He added: "Out of a squad of 36, we've got 34 players who are fit. So that's a really good state to be in.
"George Porter and Errie Claassens are our only concerns so I will have a few selection headaches for the last five games."