Taylor, the 15-time World Champion and reigning Grand Slam of Darts champion, and two-time Lakeside Championship winner Hankey were drawn alongside Wes Newton and Michael van Gerwen in one of eight groups for the tournament, which begins at the Wolverhampton Civic Hall on Saturday.
The pair entered last year^s Grand Slam of Darts as darts^ respective World Champions, but a showdown failed to materialise when Hankey lost out in the first round.
The Daily Mirror Grand Slam of Darts will begin on Saturday evening with the first games from Groups A-D, which will include the meeting of Simon Whitlock and Dave Chisnall - who lost in PDC World Championship final and Lakeside Championship finals respectively in January.
Gary Anderson, Wolverhampton Wayne Jones, Mark Webster and Mark Hylton - another ITV Wildcard Qualifier - form Group B.
Stacy Bromberg was drawn into Group C alongside Winmau’s number seven seed Mervyn King, 2008 Grand Slam of Darts runner-up Terry Jenkins and Scottish debutant John Henderson.
The remaining four groups will play their opening games on Sunday afternoon, and Group E will feature number five seed Adrian Lewis, alongside last year^s Grand Slam runner-up Scott Waites, Co Stompe and
Five-time World Champion Raymond van Barneveld, Colin Lloyd, Darryl Fitton and Tricia Wright - the Women^s World Championship finalist - will form Group F.
Group G is headed by number eight seed Paul Nicholson, who won January^s Players Championship Finals to claim his maiden major title, and also features Ronnie Baxter, Steve Beaton and Arron Monk.
Groups A-D will play their second games on Sunday night and their final round-robin contests on Tuesday, with Groups E-H competing on Sunday afternoon, Monday night and Wednesday night at the Wolves Civic.
The draw for the Daily Mirror Grand Slam of Darts was made by former Aston Villa midfielder Ian Taylor live on BRMB Radio^s Sports Bar show on Monday night.
The Daily Mirror Grand Slam of Darts will be played from November 13-21 at the Wolverhampton Civic Hall, and screened live on ITV4.
For tickets, call 0870 320 7000 or visit the Wolves Civic Box Office
Simon Whitlock (3)
Gary Anderson (6)
Mervyn King (7)
James Wade (2)
Vincent van der Voort
Adrian Lewis (5)
Raymond van Barneveld (4)
Paul Nicholson (8)
Phil Taylor (1)
Michael van Gerwen