Leeds are said to want £30 million for Phillips, who the newspaper claims has turned down the Whites' initial offer of a new contract.
And Tottenham - who have already signed the Yorkshireman's fellow Throp Arch academy product, Jack Clarke, this summer, before loaning him back to Elland Road - should have the resources to fund such a deal, and 'significantly increase' his £10,000 weekly wage, according to the Mirror.
But the Champions League runners-up are expected to face competition from rival Premier League clubs - including, the newspaper says, Aston Villa and Newcastle United - should they decide to pursue a deal.
AFC Bournemouth and Wolverhampton Wanderers have also been linked with Phillips, but the Mirror claims both clubs have cooled their interest.
Phillips is not the only young Englishman in whom both Tottenham and Aston Villa are being credited with an interest, with the Fulham winger Ryan Sessegnon also a target, according to the Telegraph.
Tottenham, Aston Villa, Leeds or other? Which interested club would be the best fit for Phillips?
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