The 76-year-old star is in a local hospital but her publicist, Dick Guttman, says she is not near death.
In fact, in a statement, he says: "Ms. Taylor is fine. Her hospital visit was precautionary. She will be returning home shortly. At present, she is surrounded by family, friends and fabulous jewels."
A number of health issues have dogged Taylor through the years, including congestive heart failure in 2004 that, compounded with spinal fractures and the effects of scoliosis, left her nearly bedridden. She's also battled ulcers, amoebic dysentery, bursitis, acute bronchitis, two serious bouts of pneumonia, drug and alcohol addiction and a benign brain tumor that was removed in 1997.
Taylor won Oscars for roles in "Butterfield 8" in 1960 and "Who's Afraid of Virginia Woolf?" in 1966. She also won a special Oscar, the Jean Hersholt Humanitarian Award, mainly for her work as an AIDS activist, in 1993. She still lives in Bel-Air, a section of Los Angeles that's home to many of Hollywood's elite figures.
Guttman is not giving specifics about what is wrong with Taylor.
The Associated Press contributed to this report.