But with no suitable offers emerging for the 24-year-old, the club have instead handed him a pay rise with a contract extension that ties him to the Reds until 2025.
It is a shock move considering Phillips was seen as up for sale throughout the summer, and particularly as he has not been included in any of the first three matchday squads of the campaign.
Phillips is unlikely to feature often throughout the season either, but Jurgen Klopp clearly rates him as a useful player in training and when required in games.
The news follows a new four-year contract for Jordan Henderson which takes the captain beyond his 35th birthday, with both moves certainly jarring with the progressive, calculated approach taken by the club in recent years.
Origi has struggled to make an impact since being handed that five-year contract, and Liverpool have subsequently struggled to shift him in the transfer market.