Phillips and Hoilett have both fallen out of favour at Loftus Road this season and QPR are said to be open to offers for the pair.
The Baggies are known to be on the hunt for additions, as Tony Pulis looks to bolster his options at the Hawthorns, and both Phillips and Hoilett fit the description of his wanted targets.
Pulis commented to the Birmingham Mail just last week that he was hoping to add pace out wide and speed is the QPR pair's main strength.
Neither Hoilett nor Phillips have been offered many starting opportunities so far this term and, as a result, their availability is not too much of a surprise.
QPR are apparently not interested in allowing either to leave on loan, though, with only permanent offers listened to.