Phillips and Leeds are waiting to see whether the club survive in the Premier League before beginning talks over a new contract.
The midfielder is reportedly preferring a stay at Leeds if they are still a Premier League side next season and the club also want to keep him.
Manchester United are exploring signing him through intermediaries and he is also a top target for Aston Villa in the summer.
However, Leeds want to keep the England star for one more season before considering selling him next year.
The Whites want £60m before they can agree to let him go and the club believe no club would want to pay that figure this summer.
Phillips missed a major part of the current season due to a hamstring injury and Leeds feels his suitors will be reluctant to spend big on him after such a campaign.
Leeds are planning next season on the basis of the midfielder being in their squad provided they survive in the Premier League.
The Whites are also not keen to sell him to their rivals Manchester United, but the Red Devils did convince Joe Jordan and Gordon McQueen to cross the M62 in 1978, and Eric Cantona famously moved to Old Trafford in 1992.
Rio Ferdinand was then a record signing when he left Leeds to join Manchester United in 2002 and Alan Smith’s decision to swap white for red made him unpopular in the city he grew up.
