With the Elland Road outfit set to earn promotion back to the Premier League, Phillips may want a reunion.
The midfielder left his boyhood team for Manchester City two summers ago, but the move has been a failure.
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As he struggles on loan at West Ham United, Leeds could offer him a summer lifeline.
The Mail states that if the finances can be worked out between the three parties, a deal is on the cards.
Phillips would have to accept some form of pay cut to make the move happen.