The winger has become one of the most sought after players in the Football League in January, with a number of top level clubs taking a look at him.
West Bromwich Albion, Watford and Bournemouth are all keen to sign Phillips, and QPR are reportedly willing to sell if their asking price is met.
Rangers realise that their chances of being promoted this season are looking slim, and they are now planning to reduce their wage bill.
QPR have one of the most expensive squads in the Championship and they have already sanctioned a move to allow Charlie Austin to join Southampton.
Jimmy Floyd Hasselbaink is also said to be ready to sell Rob Green, with Phillips another potential departure in the near future.
If Phillips does leave QPR in the coming week, he will have said goodbye in style - as he scored in the London side’s 3-0 victory over Rotherham United at the weekend.