The Manchester City-owned midfielder was unavailable for last weekend's 1-1 draw with Southampton due to a minor thigh complaint, but he has trained with the team this week and is set to be part of the squad on Sunday.
McKenna has also welcomed Harry Clarke and Nathan Broadhead back to the group following their Achilles and hamstring problems respectively, so the hosts are expected to have a clean bill of health.
However, the Ipswich boss has suggested that Phillips will not be thrown straight back into the first XI, so Sam Morsy - who scored a stunning last-minute leveller at St Mary's - and Jens Cajuste should continue in the engine room.
Omari Hutchinson, Liam Delap and Sammie Szmodics are shoo-ins in the final third, but McKenna may feel that there is scope for one change, as Chiedozie Ogbene threatens Wes Burns's position.
The Tractor Boys head coach has little need to alter his backline, though, as Arijanet Muric is afforded protection by Axel Tuanzebe, Jacob Greaves, Leif Davis and Dara O'Shea once more.
Ipswich Town possible starting lineup:
Muric; Tuanzebe, O'Shea, Greaves, Davis; Cajuste, Morsy; Ogbene, Szmodics, Hutchinson; Delap