Phillips was heavily linked with a move to the Premier League in the summer but ended up staying at Loftus Road, where he has scored four goals and registered two assists in 19 games.
Newcastle are keen to sign the 24-year-old, who has 18 months remaining on his current deal, but the R's will be reluctant to sell as they sit just outside of the play-offs and will be hoping to win promotion back to the top flight.
Much will also depend on the thoughts of Jimmy Floyd Hasselbaink, who has just been appointed as QPR's new manager and will want to keep his star players.
West Brom are also in the hunt for Phillips, who is understood to be reluctant to pen a new deal with the R's.