Phillips is a known transfer target for Manchester City this summer and while Leeds are keen to keep their star midfielder, a move to the Premier League champions would be difficult for the 26-year-old to turn down.
Leeds insist they will not ask for unrealistic sums for Phillips in the summer transfer window but with a likely price tag in the region of £50m, any serious offer would be near impossible for to decline, particularly if the player himself was keen on the move.
Phillips has two years left on his contract and last season made it clear that he would like to sign an extension to stay, but that was before Manchester City's interest became public knowledge. The Etihad outfit would be able to offer the Leeds-born defensive midfielder a salary far in excess of what Leeds can pay him and with it the chance to win trophies in the season that will hold his 27th birthday.
But the emergence of another potential suitor for the England international will certainly play in Leeds' favour and perhaps warn Manchester City that they will not be able to get their target on the cheap.
PSG put a call in to the Leeds board on Friday of last week to make initial enquiries over his availability and price, but are yet to test Elland Road resolve with a bid.
There are also currently no official bids in for Raphinha, despite a huge level of interest in the winger's services among Champions League clubs and Arsenal.
The Gunners are one of a number of English clubs with the Brazil star on their radar, but a move to Barcelona remains a possibility if their recent financial reshuffle allows them to stump up the necessary cash.
Leeds remain active in the transfer market themselves as Victor Orta attempts to land a fourth senior signing of the summer. The director of football is on the trail of a striker, and further signings - a winger and defensive midfielder at the very least - would follow if either Raphinha or Phillips were to be sold. Their business so far has ticked important boxes in Orta's summer rebuild, including the addition of attacking midfielder Brenden Aaronson and more defensive counterpart Marc Roca for £25m and £10m respectively. Leeds also moved quickly to secure right-back Rasmus Kristensen for £10m after the need to strengthen in that area was bumped up the priority list by serious injuries to Stuart Dallas and Luke Ayling.