The 39-year-old, who moved to Selhurst Park from Blackpool on loan in January, announced last year that he intended to quit football once his contract with the Tangerines expires at the end of this season.
However, since joining Ian Holloway's promotion-chasing side, Phillips has admitted that he may prolong his playing career.
"Coming here at this particular time has given me a huge lease of life," he told the London Evening Standard.
"Of course I have thought about [playing next season]. I have got the bit between my teeth again. Perhaps I faded a little bit at Blackpool but I have come here for a new challenge.
"I won't make a decision on my career until late April."
Phillips has made two appearances for Palace, scoring once.