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.