The 40-year-old retired from playing at the end of the season, but he has been offered his first role as a coach by manager Nigel Pearson.
"Coming into a different changing room will be a weird feeling," Phillips told the Leicester Mercury.
"Coming in earlier and leaving later is something else I will have to get used to.
"It will be weird but it is something I want to do. I know that just because I have played for 20 years doesn't guarantee me starting at the top.
"But what a great opportunity for me to have my first coaching role with a Premier League team."
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