Phillips is keen for Leeds to lock him down on a fresh contract at Elland Road and the club rejected an approach for his services from West Ham United in January.
The Whites though have tumbled into trouble in the Premier League and face a big battle to survive under new boss Jesse Marsch.
As such, Leeds will not offer Phillips a new contract until June and then want to have secured their Premier League status to give him around £100,000 a week.
If the club are relegated then the midfielder is expected to be sold by Leeds.
He is under contract at Elland Road until the summer of 2024 and is not one of the highest paid players at the club.
Liverpool, Real Madrid and Paris Saint-Germain have all asked about Phillips’ situation and he will not be short of suitors if he is made available for transfer.
Leeds are next in action away at Arsenal as they aim to spring a surprise in north London and boost their survival hopes.
