The Tangerines forward has been heavily linked with a £6m move to Liverpool after scoring 13 goals in 21 appearances this term.
The 20-year-old spent three seasons at Liverpool before he was sold to Blackpool with Charlie Adam moving in the opposite direction to Anfield in 2011.
Phillips believes Ince should wait for his move to the Premier League and continue his progression at Bloomfield Road.
“For me, if I was Tom Ince, I would want to stay at the club for the rest of the season, keep learning my trade, keep scoring goals and keep putting in performances. He’ll get his move,” Phillips told Sky Sports News Radio.
“More than likely, he’s going to go a Premier League club and sit on the bench between now and the end of the season.
“It’s a difficult one because if he goes to a big club he’s going to double, treble, quadruple his wages, but he’s going to be sitting on the bench most of the time. It’s one of those you have to weigh up.”