Football Insider says Leeds are keen to extend the 25-year-old's deal and keep him at Elland Road in the long-term despite potential interest from across Europe.
Although Phillips' current contract doesn't run out until 2024, his stock has risen since he last committed his future to the club after impressing for both Leeds and England.
The report states that talks are at an early stage but the club want to reward Phillips for his performances as he helped guide the Whites to a ninth-place finish last season.
The idea would be to give the midfielder an improved deal and a major pay rise, considerably higher than the contract he last penned in September 2019.
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