Holloway has insisted that the player is happy and will stay at Blackpool, but plans to report one club over their conduct in approaching the 21-year-old.
"Somebody has made an illegal approach and we can prove that," Holloway told Blackpool's official website.
"I'm not very happy about that and the Football League and the Premier League will be informed about that.
"The boy is a fantastic young man - we've had a good chat about it me and him - and he's as committed as ever to playing for Blackpool."
Phillips has made 60 league appearances for Blackpool since signing for the club in August 2010.