West Brom have lodged a £4 million offer for the winger, who they have been tracking for some time.
Tony Pulis has been keen to bring Phillips to the Hawthorns in the last two transfer windows, but he has failed to get a transfer over the line.
West Brom are now set to sign the 25-year-old, though, providing they can agree personal terms.
Phillips is reportedly on £25,000-a-week at QPR, and it is likely that West Brom will have to make an offer of a similar amount to convince the Scotland international to move.
When QPR were relegated to the Championship back in 2015, they announced a desire to keep hold of Phillips and put a £8 million price tag on him.
However, after a season in the second tier, the London club’s stance has relented, as they look to cut costs.
Phillips made 45 appearances for Rangers in all competitions last term, scoring on eight occasions.