"I've been taking part in full training but I still have to be careful with it," Phillips told QPR's official website. "The bones have healed well and now it's just a case of strengthening up the arm.
"I honestly don't know if I'll be fit for Saturday. I have had to do extra work with the physio and the fitness guys, so I don't know if this game will be too early for me. We'll just have to see how things go between now and the end of the week."
QPR are joint-top of the Championship with Phillips's former club Blackpool on 13 points after five games.