Following the closure of the international transfer window, moves to EFL clubs are the only game in town for fringe players at Anfield.
Winger Harry Wilson, who Liverpool were looking to sell, is attracting interest from several Championship sides and could depart on loan.
Midfielder Ben Woodburn is a wanted man and could also move from Liverpool on loan in search of regular game time.
Defender Phillips is attracting interest from a number of Championship sides and could be in line for a move away from Liverpool before the window slams shut.
The 23-year-old has spells in the first and second half of last season on loan in Germany at Stuttgart.
He is unlikely to secure game time if he remains at Anfield and it is suggested could bring his Liverpool career to an end with a permanent departure.
The centre-back came through the youth ranks at Liverpool after being tempted to Anfield from Bolton Wanderers, where his father played.