The Saints look to have fallen just short of Champions League qualification this season, but look set to enter the Europa League as long as they can cling onto sixth place.
Manager Ronald Koeman has done a great job in the transfer market so far, but with Eljero Elia and Filip Djuricic only on loan, he may need another winger this summer.
Now, the Daily Mirror believe that QPR star Phillips is now on their radar, having exploded into life under Chris Ramsey in 2015.
The Scottish international was little more than a bit-part player under previous boss Harry Redknapp, but Ramsey has revitalised the 24-year-old, making him a key part of the team.
With seven assists and two goals in ten games since Ramsey's arrival, Phillips has been a menace on both flanks, providing superb ammunition for star striker Charlie Austin.
If QPR fail to stay in the Premier League, Phillips will become a hot property amongst admiring Premier League clubs - and it seems that Southampton could be at the front of that particular queue if he does become available.