Taylor, 57, has quit the sport after losing the PDC World Darts Championship final to Rob Cross.
He was bidding to win his 17th world title but he ran into an inspired Cross who crushed him 7-2.
Hearn has hailed the former electrician, 27, and revealed he held talks with Taylor to try and get him to play on.
“It was a sublime performance by Rob Cross and a wonderful stage to say goodbye to a legend of the game in Phil Taylor,” Hearn said.
“Everyone has a sell-by date. That’s what Phil’s been saying for me for the past six months while I tried to talk him out of retirement.
“He’s reached the end but he’s still capable of being an unbelievable player.
“He’s still caapble of being in the top four of the world judging by that performance but the body is saying enough is enough and there is an easier life ahead.
“Nobody deserves it more His contribution to darts has been amazing.
“Today at a PDC meeting we unanimously voted that the World Matchplay trophy will be renamed the Phil Taylor Trophy from this July in honour of the great man so we don’t forget his contribution to the world of darts.
“Without him, a lot of this wouldn’t be here today.
“But today belonged to Rob Cross. I think we’ve got a new superstar on our hands.”
Taylor had earlier hinted that Hearn had tried to get him to keep going.
He said on stage after losing to Cross: “It’s been marvellous. I’ve had a fantastic career.
“The crowds have been fantastic. The youngsters that are coming through now are fantastic, dedicated, fit and I can’t compete with them.
“Barry would love me to carry on, Sky would but I can’t do it anymore – I’d love to.”