The forward scored 10 goals in 17 appearances during her first spell at the Gunners between 2016 and 2017.

"It feels amazing to be back - like I never left," Taylor said.

"It's incredible to have this opportunity to come back to the club that I love so much.

"A lot of progression has happened here in the five years since I was last here, and to see how much the club has grown and progressed is incredible."

Taylor scored 19 goals in 51 games for England. She was the Golden Boot winner at Euro 2017, scoring five goals at the tournament.

Arsenal head coach Jonas Eidevall said: "Jodie is a really experienced and talented player, and will give us added competition at this crucial stage of the season.

"We're delighted to bring her back to the club and all have great memories of working with her in her previous spell here."

Taylor won the Women's Champions League in 2020 with Lyon.

She has also played in Canada, Australia and Sweden throughout her extensive career.

Analysis - 'Shrewd business for much-needed solution'

BBC Sport's Emma Sanders

Arsenal were desperate to sign a striker in the January transfer window following injuries to key players Beth Mead and Vivianne Miedema.

They had world-record bids for Alessia Russo turned away by Manchester United and a pursuit for Lyon striker Signe Bruun also fell short.

With the WSL title challenge in full swing and a Champions League quarter-final tie with Bayern Munich looming, Arsenal need strength in depth and Taylor's arrival gives Jonas Eidevall another much-needed attacking option.

The 36-year-old is in the latter stages of her career but she has big-game experience and a proven goalscoring record.

Her playing role is likely to be minimal but her presence will provide further competition in training and her leadership will be valuable for Arsenal's exploits in Europe.

Given their desperate pursuit to find a striker, it is a shrewd bit of short-term business by Arsenal.