Palace boss Ian Holloway has made it clear he would love to sign Phillips to again join him at Selhurst Park but the ex-Sunderland, Southampton, West Bromwich Albion and Birmingham City ace wants to enjoy a holiday before deciding on his future.
"Whether it's my last game or not, I doubt it will be, but it's probably my last chance at Wembley," said Phillips. "I'm pretty much sure I will carry on in some capacity. Where? I don't know.
"I'm just going to go on holiday now and relax. I don't want to be making a decision in the next couple of days that I'll regret.
"We'll see what happens, I've had a couple of offers already but I haven't said yes or no.
"I'm not daft, if something was offered to me (by Palace) then I'd have to consider it without a shadow. But I've got to make the right decision because of the commute - I'm still based in the Midlands.
"But, yes, that would make me the oldest outfield player in the Premier League.
"It would be a dream, if anyone asked me when I started out at 20 whether I'd still be playing at 40, I'd have said no. It (Premier League football) would be a big lure, let's put it that way."