The 25-year-old was loaned out to Scott Parker's side for the second half of the 2021-22 season and proved to be an integral cog in their promotion-winning side.
Phillips made a total of 18 appearances for the Cherries in all competitions, including 17 starts in the Championship, during which he posted eight clean sheets.
Phillips has since returned to Liverpool and has been involved in Jurgen Klopp's pre-season plans, but his prospects for regular game time in 2022-23 are seemingly limited.
Virgil van Dijk, Ibrahima Konate and Joel Matip are all ahead of Phillips in the pecking order, while Joe Gomez can also fill in at centre-back for the Reds.
Interest in the Englishman has dwindled in recent weeks, with Liverpool thought to be after a minimum of £12m to sanction Phillips's exit in the current window.
However, the Liverpool Echo now reports that Bournemouth are considering another move for Phillips after Parker opened up on his frustration over a lack of signings.
Ryan Fredericks has arrived at the Vitality Stadium, and Marcus Tavernier's switch from Middlesbrough has now been confirmed, but the Cherries lost both Phillips and Gary Cahill at the end of last season.
Phillips only extended his contract with Liverpool until the summer of 2025 last year, but the Merseyside outfit are now said to be open to a permanent exit for the defender.
Phillips initially joined Liverpool's youth setup from Bolton Wanderers in the summer of 2016, and he has since registered one goal and one assist in 24 senior appearances for the Reds.
The Englishman stepped up to the plate alongside Rhys Williams in the 2020-21 season to help Liverpool qualify for the Champions League amid Van Dijk, Gomez and Matip's long-term injury problems.
However, Phillips did not make a single Premier League appearance in the first half of the 2021-22 campaign and only featured on three occasions in total before signing for Bournemouth.
Meanwhile, Klopp is hopeful that Konate has managed to avoid a serious injury after coming off with a blow to the knee in Sunday's 3-0 friendly defeat to Ligue 1 outfit Strasbourg.
The 23-year-old is set to undergo scans on the issue, with Liverpool already dealing with the absences of Alex Oxlade-Chamberlain, Caoimhin Kelleher and Diogo Jota.
Alisson Becker and Kostas Tsimikas, though, will hope to recover from knocks in time for Saturday's opening Premier League fixture with newly-promoted Fulham.