I have a custom taxonomy called colors, which contains the terms Red, Blue, Yellow etc.

Each post has a term of the taxonomy colors linked to it. The default permalink structure for posts is /%category%/%post-name%/

i.e. posts are displayed at - www.example.com/category-term/post-name

I want to change the permalink structure such that the posts are displayed at www.example.com/taxonomy-term/post-name i.e. www.example.com/yellow/post-name - for a post that has the term Yellow of the custom taxonomy linked to it.

Please suggest any method to do this..?