The summer transfer window will close at 11pm on September 1, with at least six Liverpool players in line for potential moves before the deadline hits.
But as the hours tick by, there could still be more business at Anfield – at least in terms of outgoings.
If any deal is struck for the 27-year-old, though, the manager has confirmed that “there must be a replacement.”
It seems possible that one of the two will be retained, with Phillips the most feasible candidate unless a sizeable permanent offer is received.
More loan deals?
Further down the ranks, academy midfielder Jake Cain has set his sights on another loan move after spending the previous campaign with Newport County in League Two.
“I’m ready for another challenge,” he explained earlier this month.
“I need to go on loan again, I need men’s football, and I feel now that I’ll be ready to hit the ground running when the opportunity comes. I know that I’m ready.”
Swindon and Crewe are reported to have enquired over the 20-year-old’s availability.
Temporary moves have also been mooted for two others from the under-21s, with forwards Paul Glatzel, 21, and Jack Bearne, 20, possibly moving.
For Glatzel, though, any loan deal would hinge on the striker proving his fitness following a season-ending hamstring injury with Tranmere in March.
The likes of Max Woltman, Layton Stewart, Mateusz Musialowski and James Norris have also been suggested also potential loan departures, but it is unlikely Liverpool will leave themselves so short of bodies in the academy.