The 25-year-old, who spent the second half of the campaign on loan with the Cherries, featured 17 times in the Championship in 2022 for the south coast club, helping his side to eight clean sheets along the way.
Helping his side to promotion to the Premier League, Bournemouth will now be playing their football in the Premier League next season, with the Cherries eager to strike a permanent deal for the Liverpool man.
The report states a move is likely to cost Bournemouth around the £8 million mark, with the Cherries already paying a seven-figure fee for his six-month loan period.
Quiz: 24 facts every AFC Bournemouth supporter should know about their club – Can you score full marks?
If unsuccessful with a permanent move, the Cherries are also interested in agreeing a season-long loan deal with the Premier League giants.
Phillips emerged as an integral part of the Bournemouth squad immediately after arriving from Liverpool, forming an excellent working relationship with Lloyd Kelly.
Proving to be a level above at times, the pair certainly possess the ability to step up to the Premier League and play a big role in Bournemouth’s return.
Phillips is a defender who tends to dominate both his aerial and ground duels, whilst also proving to be trusted when he is in possession.
He is also someone who reads the game incredibly well, allowing him to step in and take charge when his side are under pressure.
Another move for Phillips would be an excellent bit of business as they target consolidating themselves as a top-tier side.