The Manchester City outcast has barely featured this season having only made eight appearances in all competitions, and a move could benefit his career.
Phillips‘ lack of game time has seen him linked with an exit from the Etihad Stadium/
Juventus could be an escape route for the Englishman as Calcio Mercato have reported.
The outlet claims that a loan move could prove to be “convenient” for all parties in the January window.
A permanent move appears to be off the cards because his salary and price tag are said to be “complicated” for the Serie A giants.
The Italian outfit will have to act fast should they want to wrap a deal for the 27-year-old as Newcastle are claimed to be “leading the pack” of interested clubs.
Pep Guardiola has previously insisted that he would not stand in the way of players such as Phillips wanting to leave the club.
He said: “Never. Never ever [would I stand in the way].
“From my point of view, I have said this to the club many times. I give my opinion to the club and they decide if the transfer suits for both sides and the player.
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“Why? I think that means you are a small club [if you block a transfer]. Big clubs, they don’t care. They make decisions for the benefit of all three parties, players and both clubs – and the agents sometimes. So really it is not a problem.
“If they want to go to Chelsea or [Manchester] United or, I don’t know, Liverpool, whatever, what is the problem? They are happy to be there and the club is happy with the transfer.
“The other club is happy with the amount of money they spend, so it is fine. Another player will come to us and we keep going in a good spirit and a good mood.”
The Magpies are keen on adding a midfielder to their squad in the New Year in order to cover for Sandro Tonali.
The Italian midfielder is currently serving a ten-month ban for illegal betting.
Eddie Howe’s side have also been linked with a move for former Wolves star Ruben Neves, who is now playing in Saudi Arabia with Al-Hilal.
However, that move could be blocked as Premier League clubs are proposing a ban on loans between teams with the same owners.