Darren Bent insisted he had to leave Aston Villa after too many "slaps in the face".
Brighton defender Greg Halford has agreed to extend his loan deal from Nottingham Forest until the New Year.
Palace boss Ian Holloway has been thwarted in several attempts to bring in a forward to boost the Eagles' promotion bid.
And he now appears keen to turn to the veteran Seasiders striker having worked with him before during his time at Bloomfield Road.
The 39-year-old has found the net just twice so far in the current campaign but was a key figure for Holloway last season when he scored 17 goals.
If Phillips makes the move to Palace they would become the eighth club of a professional career that started at Watford in 1994.