The 39-year-old striker, who is currently a free agent, claims he is interested by another offer from a club who play at a 'good level'
Phillips, who turns 40 in July, scored the winning goal in May's Championship play-off final to secure Crystal Palace's promotion to the Premier League.
The striker is currently a free agent and expects to receive other concrete contract offers within the next seven days.
“My agent has been speaking to Palace and the chairman - there have been a few figures banded around but we’re a bit apart on them,” Phillips told the Croydon Advertiser.
“I do have offers elsewhere, and if I’m being honest, there is one real offer which I’m very, very tempted by.
“There are a couple of other offers that may materialise over the next week or so too.
“But there is certainly an offer there for me that is very tempting though. It’s at a good level that certainly interests me.”
Phillips, who has also played for Sunderland, Southampton, Aston Villa and West Brom, concedes he is unlikely to rejoin Crystal Palace by the start of the club's pre-season campaign on July 1 and claims he has also received offers away from a playing career.
“I know Palace are back on Monday next week but if anything was to materialise with the club, I don’t think it will happen by then,” Phillips continued.
“Wherever I end up, I’ve probably still got another two weeks before I’m ready to come back. Things begin to hot up now as teams begin to report back so there will be a lot of business happening.
“There are certainly different offers out there on the pitch and even off it for me, and at my age I’m certainly delighted to these people expressing their interest. The week after next will be an important week for me.”