The 28-year-old's six-year, $39 million contract expires June 30, 2014.
Phaneuf had been making $6.5 million, per season, on his deal and it was reported in late-October that he is looking for around $7 million, annual, on a new long-term contract.
Contract negotiations have been mild, to date, but are expected to pick up this week between the Leafs and Phaneuf's representatives at Newport Sports Management.
Phaneuf, who refuses to speak publicly about his contractual status, would like to sign an extension in Toronto, but if his asking price is around $7 million, it's uncertain if the Maple Leafs will be willing to accept that.
The Leafs have acknowledged the importance in re-signing their captain, and might be willing to give in to his demands, but time will tell.
Since joining the Leafs during the 2009-10 regular-season, Phaneuf hasn't tallied more than 44 points.
Phaneuf has picked up two goals and 10 assists and is on pace for 31 points this season.