The on-loan Manchester City midfielder was dismissed for a pair of bookable offences in the 1-1 draw with Leicester City last weekend, incurring a one-match ban in the process.
Phillips will take his place on the naughty step vacated by Harry Clarke, who served his own suspension in the showdown with the Foxes, while Chiedozie Ogbene (Achilles), Axel Tuanzebe (hand), Jacob Greaves (thigh), Jack Taylor (unspecified) and Janoi Donacien (ankle) remain out.
Jens Cajuste and Massimo Luongo are the two most natural replacements for Phillips in the double pivot, and the former is likely to get the nod to partner Sam Morsy, who set up Leif Davis's wonderful volley last weekend.
Davis ought to form part of an untouched rearguard for Ipswich, as Ben Johnson holds his place despite Clarke's return and the duo of Cameron Burgess and Dara O'Shea protect Arijanet Muric.
Alterations further forward cannot be ruled out, though, and Jack Clarke - who spent three years at Tottenham from 2019 to 2022 - is arguably at the head of the queue for promotion to the first XI.
The erstwhile Lilywhites attacker could take Sammie Szmodics's place in the final third, where Omari Hutchinson, Conor Chaplin and Liam Delap will also feature.
Ipswich Town possible starting lineup:
Muric; Johnson, O'Shea, Burgess, Davis; Morsy, Cajuste; Hutchinson, Chaplin, Clarke; Delap