This is likely to make room for P Brandon Fields, who signed to a contract this afternoon.
Phillips, 28, is a former first-round pick of the Giants back in 2008. He spent five years with the Giants before he departed for a free agent contract with the Eagles.
New Orleans elected to give him another shot back in December of last year when they signed him to a future/reserve contract. However, Phillips was among their roster cuts.
The Saints wound up bringing him back a few weeks ago and he has appeared in three games, recording 12 total tackles for them.