Phillips, who has spent his entire career with the Senators, is hoping to sign a multi-year extension with the team, according to the Ottawa Sun.
"Obviously my life is here," Phillips told the paper. "I've been here since Day 1 and right now no, I couldn't imagine being anywhere else. But I have to be realistic about pro sports and everything that goes on with it, that there's a possibility that could happen some day.
"I feel like I've got lots of hockey left in me. I don't want to get into talking about what's been discussed, as far as contract stuff, but yeah, that's how I feel."
Sitting within striking distance of a playoff spot, the Senators might opt to keep Phillips and accept the risk of losing him as a free agent this summer, if he goes unsigned over the next week.
The New York Rangers plan on going a different route with defenseman Dan Girardi, also a pending unrestricted free agent.
If the Rangers cannot sign Girardi by the March 5 trade deadline, the team plans on trading him.
Phillips has spoken with his family about the possibility of being traded, in the event it happens before the deadline.
Michalek is also thinking about the chance of being dealt, as talks with the Senators over a new deal haven't been overly aggressive.
"Yeah, you think about it, especially when I'm not having a really good season," Michalek told the Sun. "If (a trade) happens, it happens. You're not going to do anything about that.
"I'm just trying to do my best here. I like it here in Ottawa. I love the city, the fans are great here too. It's been great here. I wish I was going to stay here, but if it happens it happens."
Aside from fielding offers for Phillips and Michalek, Senators GM Bryan Murray is also looking to upgrade his roster.
The Senators have shown interest in Buffalo Sabres left wing Matt Moulson, Calgary Flames sniper Mike Cammalleri and Edmonton Oilers right wing Ales Hemsky.
Murray appears willing to move some of his younger players, but he does not plan on dealing young center Curtis Lazar.
"There are certain players we are not going to trade, certain young players," Murray told the Sun. "They're the future, and we're going to stick with them.
"There are a few others I would say are promising prospects, that if they were asked for in a trade and I could get the right player in return, then obviously I would consider doing that."