Such a turn of events seemed improbable earlier on Tuesday afternoon when Crystal Palace announced their manager Dougie Freedman had left the club to succeed Owen Coyle at the Reebok Stadium.
But talks between the clubs not been concluded, according to Phillips, who said following Tuesday night's 2-2 draw at Wolves: "As far we are aware, the future is there are still negotiations to be concluded between Bolton and Crystal Palace."
He went on: "Myself, (and coaches) Sammy Lee and Julian Darby will be preparing the team and then taking the team at Middlesbrough.
"That is as much as I know. Obviously things could change between now and the Middlesbrough game but that is what I was told."
On Palace's statement, Phillips added: "I don't think the timing was what we would have hoped for."
Nevertheless, Freedman's move to Bolton remains widely expected to go ahead.
Assistant manager Lennie Lawrence and first-team coach Curtis Fleming led Palace to a 1-1 draw at Barnsley in the 38-year-old's absence and Lawrence spoke of the Scot's tenure in the past tense.
"He's kept us posted and he phoned to say it was all done and phoned to wish us well," he said. "It's been a great experience working under him and it's been a terrific experience working at Crystal Palace Football Club.
"The owners have been very supportive and the whole thing's been terrific. Managers don't normally leave the club when they're in as good a state as we're in but it's going to happen."
Source: PA