The 22 year old is yet to feature this season as he recovers from a broken arm, but is set to secure a move to Loftus Road.
The Hoops have been in the market for new midfielders this summer, and has already added experience duo Karl Henry and Gary O’Neil.
The deal, which is set to cost QPR around £5m will see Phillips’ first club Wycombe Wanderers receive a percentage cut of the transfer fee.
Southampton had a bid for the Scotland international turned down last summer, though the Seasiders have now decided to cash in as the player enters the final year of his contract.
He has become the 21st player to leave Bloomfield Road this summer, with star player Tom Ince strongly expected to be the 22nd after being linked with a number of Premier League clubs.