Phillips came through the ranks at Rovers and made his first-team debut under Jon Dahl Tomasson in 2022/23, making 14 appearances as a teenager.
He signed his first professional contract with the club before moving to Spurs in the summer of 2023. He joined Plymouth Argyle the following January before spending the last two seasons on loan at Stoke City.
Having racked up more than 100 Championship appearances at the age of 21, Phillips has been linked with a permanent switch away from Tottenham.
Middlesbrough are widely reported to be interested in a deal that could be worth £10m. Lancashire Telegraph understands there is a lot of interest in the England youth international from English and European sides.
It remains unclear whether Phillips will move permanently or whether another loan lies in wait. Any move would likely be structured with a lower initial fee that could rise to eight-figure depending on add-ons.
Should Phillips leave Tottenham in a permanent deal, Rovers do have a sell-on clause. It's believed to be circa 15% of the profit of any subsequent transfer.
This was despite Phillips leaving Rovers in slightly controversial circumstances. Tottenham, who were interested in signing him prior to the defender penning pro terms, triggered a £2.5million release clause to sign him.
That fee was negotiated as part of his first contract and would have been higher had he played more minutes. With Rovers fighting for a play-off place in 22/23, the club decided not to force Phillips into the side as a teenager, even if it lowered his immediate value.
Despite the set figure being triggered, it's understood a sell-on clause was still negotiated into the terms. Using back-of-the-envelope maths, a Phillips move this summer could be worth around £1m to Rovers.
Boro have just agreed a deal worth £20m with Tottenham for Will Lankshear. Again, that is a lower initial fee with plenty of add-ons that could be triggered upon promotion, etc. With Dael Fry leaving to join Birmingham City on a free transfer, they are in the market for a centre-back.