Phillips scored the goal which sealed Palace's promotion, and Alexander added that the club are looking to offer the former Sunderland man another season.
"Ian's (Holloway) keen to keep him, there's discussions to be had with Kevin. Even at 40, I still think he could do a job in the Premier League from being part of the team. He's a great guy to have around.
"Could he come on and do a job in the last five, 10, 15 minutes of a game? I'm sure he could.
"Those discussions will be had and I'll be hopeful that he'll sign a contract with us."