Phillips, 29, is a former sixth-round pick of the Cowboys back in 2009. He spent four years in Dallas before signing a three-year contract with the Chargers as an unrestricted free agent in 2013.
The Chargers released Phillips a few years later and he eventually signed on with the Broncos in July of last year. Denver elected to waive him during the season and he was later claimed off of waivers by the Saints.
New Orleans brought Phillips back this past March on a one-year, $980,000 contract before placing him on injured reserve a few weeks ago.
In 2016, Phillips appeared in all 16 games and caught 10 passes for 72 yards receiving and one touchdown.