The 19-year-old, who spent a period on loan with Nuneaton last season, is regarded as one of the brightest prospects at the club.
"We are delighted to see Aaron commit his immediate future to the club," Pressley told the club's official website.
"He impressed during his loan spell last season which has proved a valuable experience and we are hoping he continues with his hard work this season.
"I want to have a strong squad next season with every position covered, and Aaron will be an important part of that."
Phillips came through the club's youth system.