The 39-year-old striker scored the extra-time penalty that secured play-off success against Watford at the end of last season and took Ian Holloway's side back to the top flight.
Now a seasoned veteran, it was thought Phillips would not be required in the Premier League as Holloway looks to build a side capable of avoiding the drop.
But the former England international, who spent the second half of last season on loan at Selhurst Park from Blackpool, is hopeful of extending his stay.
"There has been a lot of rumours around and I've been offered a couple of really testing offers but, at this stage in my career, if there's any chance of staying in the Premier League then that is the place to be," Phillips told talkSPORT.
"I'm not sure if a Championship club can tempt me. I know what sort of role I'm going to be playing, it's a bit-part one, and I'd rather be doing it in the Premier League.
"Ian Holloway isn't afraid to use me.
"He wants me at the football club and I want to stay. Hopefully we'll get it sorted by the end of the week."
Holloway is yet to add to his squad ahead of the new season but talks are believed to be ongoing with Peterborough for striker Dwight Gayle, with the fee rumoured to be in the region of £8.5million, including add-ons.