The 39-year-old, who is currently a free agent, is yet to sign a contract which will bring him back to Selhurst Park
The 39-year-old scored the goal that gained Palace promotion to the Premier League in May's Championship play-off final against Watford.
While no deal has been agreed to retain the out-of-contract forward, Holloway believes it is simply a formality that he will sign.
"Kev's coming back in for training - he'll take about five minutes to sort out I believe," he told South London Press.
A number of Championship clubs are reportedly interested in Philips, but he remains keen on playing in the top-flight next season.
Meanwhile, Palace have confirmed the departure of Brazilian midfielder Andre Moritz, with the club unable to guarantee him first-team football.
A statement on Palace's official website read: "Moritz signed a one-year deal at Selhurst Park, which expired at the start of July - and the club have decided not to offer an extended deal to the player.
"Moritz made a total of 32 appearances for Palace last season, including coming on as a substitute against Watford in the Championship Play-Off Final at Wembley. He found the net on five occasions.
"Crystal Palace Football Club would like to place on record its sincere thanks to Andre for his service and commitment during the 2012/13 season. We wish him all the best for the future."