Chapman, 31, has been offered a one-match suspension by the Match Review Panel after being cited for a high bump on Port Adelaide's Robbie Gray during the Cats' semi-final win over the Power.
It seems highly unlikely that the club will challenge the ban.
If it takes the case to the Tribunal and loses, Chapman will cop a two-match ban, ruling him out of the Grand Final if Geelong makes it.
"I think he'd be pretty disappointed," Taylor said of Chapman's reaction to his suspension.
"He's a very passionate person, he loves this football club, he loves this team, and if he isn't able to play I'm sure he'll be pretty disappointed.
"I'm not sure what the club's going to do as of yet. We just had a team meeting to review the game.
"I'm sure the relevant people will make a decision in the next few hours, I guess, of what they do from here on."
Having been sidelined for much of the season by hamstring problems, Chapman returned to form against Port Adelaide, booting four goals in a vintage display.
And there is no doubt he will be massively disappointed if he is forced to miss the clash with Hawthorn.
After Geelong lost to the Hawks in the 2008 Grand Final, Chapman famously stated he never wanted to lose to them again. And he hasn't.
The triple premiership player has featured in 10 of the Cats' 11 consecutive victories over Hawthorn, and his form in many of those games has been first-class.
He kicked four goals against the Hawks in round 19 last season. He then gathered 25 disposals and booted a goal in a brilliant performance in round one this year.
"If he can't play due to the suspension it will be disappointing, because he's playing some really good football for us at the moment," Taylor said.
"He kicked a couple of important goals early in the game (against Port Adelaide) and was able to find the footy a fair bit as the game progressed, too.
"So he's a very, very important player for us. Not just because of his current form, but his experience in finals is something that our younger guys really benefit from."
If Chapman accepts his suspension, he is likely to be replaced by emerging midfielder Josh Caddy, who missed the win over the Power due to an ankle injury.
"I saw Josh actually out on the track having a bit of a run around, kicking some goals," Taylor said.
But the news is not so positive when it comes to star half-back Corey Enright, who is likely to be sidelined for another week by the knee injury he suffered in the qualifying loss to Fremantle.
"I saw 'Boris' in our meeting," Taylor said. "He was just icing up. But I'm not too sure (how he's recovering).
"I'm sure our medical staff will put out a report as the week goes on."
Twitter: @AFL_AdamMcNicol
