Rams boss Steve McClaren, who worked with both wingers during his time on the QPR coaching staff, has indicated he would be interested in signing either on a short-term deal, but the Premier League club will only listen to permanent offers.
Hoilett, 24, has a £7 million release clause in his contract, but QPR would be willing to accept a much lower fee, having seen the Canada international struggle for form this season.
Phillips, meanwhile, has drifted out onto the fringes of the first-team squad in recent months, but is understood to be eager to remain at Loftus Road to fight for his place.
The former Blackpool man has already turned down a potential move to Wigan Athletic which would have netted Shaun Maloney in return, but would be keener on a mooted switch to Hull City or West Bromwich Albion.
McClaren remains set on finding a replacement for youngster Jordan Ibe, who was recalled to Liverpool earlier this month, and also fears that Johnny Russell could be out for several weeks with a hamstring injury.
QPR might consider a loan for one of the pair, however, if they can add depth out wide over the coming week, with Standard Liege’s Paul-Jose M’Poku a top target, according to Sky Sports.