They have already seen a £5 million bid rejected for the 24-year-old, and it is stated in the report that the Midlands club expected to open negotiations to reach a fee of roughly £7 million - which they were still willing to pay.
This fee is middle ground between West Brom’s opening bid and QPR’s asking price of £10 million, but the report indicates that the Championship club have no desire to lower their asking price for Phillips.
They want no less than £10 million, and are sticking rigidly to their guns as they intend to secure an immediate promotion back to the top flight, and this has caused West Brom to reconsider their status as a buying club.
Tony Pulis is now looking at alternative targets, leaving a selection of the Baggies' Premier League rivals in the lead to sign Phillips.
The Mirror has previously reported that Aston Villa, Leicester City and Crystal Palace are all also tracking Phillips, although there are no indications as to their stance on his £10 million asking price.