Alex will offer Phillips a permanent deal at the end of his loan spell.
Phillips has made nine appearances for Dario Gradi's side, most notably saving two penalties in a 3-2 win at Chesterfield at the start of December.
New England boss Sam Allardyce has remained tight-lipped over Wayne Rooney's future as Three Lions captain following his appointment.
Just when you thought this transfer would roll towards its seemingly inevitable conclusion when Paul Pogba returns from holiday in
He is a player that shows big promise but is not first choice with bench-warming duties too often his fate
Sam Allardyce has been officially unveiled as England's new manager, charged with guiding the Three Lions through their World Cup
ARSENALManager: Arsene WengerPosition last season: 2ndNickname: The GunnersGround: Emirates StadiumCapacity: 60,432Players In: Granit Xhaka (Borussia Monchengladbach, £35million), Takuma Asano (Sanfrecce
ASTON VILLAManager: Roberto Di MatteoPosition last season: 20th in Premier LeagueNickname: VillansGround: Villa ParkCapacity: 42,660Players in: Tommy Elphick (Bournemouth, £3million),