However, the 24-year-old has just 16 months left on his contract, and QPR will be well aware from the Charlie Austin case that keeping hold of him for too long will only see his price decrease.
Phillips has been in decent form at Loftus Road this season, scoring five goals and adding a further four assists in 29 Championship appearances.
Jimmy Floyd Hasselbaink’s side are currently some way off the playoff positions, and with slim chances of promotion, the club may feel it’s best to cash in on Phillips now little is at stake.
West Brom are on the lookout for new wide players having seen the on-loan Serge Gnabry return to Arsenal, and Tony Pulis has made no secret of his admiration for the QPR ace, as noted by the Birmingham Mail last summer.
The West Midlands side currently sit in a safe mid-table position in the Premier League, though thus far they have been one of the quietest top-flight teams in the January transfer window.