The Reds are open to letting Phillips leave the club this month and have been looking to ship him out permanently, rather than loaning him.
Phillips has attracted a lot interest from several clubs, but a move was yet to materialise for him so far this month.
With only hours left in the transfer window, Liverpool are still looking to offload the defender and promotion chasing Bournemouth contacted them over the possibility of a loan move for him for the remainder of the season.
And Bournemouth have reached an agreement with the Reds for Phillips’ signature and the player is set to be put through his medical paces this afternoon.
The Cherries are prepared to cover the centre-back’s wages and will also pay Liverpool a loan fee for his services.
As they have so far failed to identify a suitor willing to pay their asking price for Phillips, Liverpool were open to letting him leave on loan, which boosted Bournemouth’s chances of securing a deadline day swoop for him on a temporary basis.
Phillips, who is yet to play in the top flight this season, will also have the opportunity to clock up regular game time at the Vitality Stadium, and possibly help Bournemouth earn promotion back into the top flight.
