The Birmingham squad go into Sunday's Premier League clash with Spurs knowing they need to take something from the match to give themselves a chance of avoiding relegation.
And the rumours are already circulating of what will happen to the ex-Rangers and Scotland boss if results go against the Blues and they are condemned to the drop.
But Phillips, who has already suffered relegation from the Premier League with Sunderland and Southampton, is convinced that McLeish should be given a chance to bring Blues back after steering the club to Carling Cup final glory this term.
He said: "He has done a fantastic job. If we do manage to stay in the Premier League, it will be the best season that Birmingham have ever had.
"I think it's highly important we keep him. He is an experienced manager and he managed to get us up to the Premier League.
"If the worst comes to the worst, then there is no better man to be in charge to help us straight back into the Premier League.
"He knows what kind of players he needs for that to happen. At the end of the day, the club will make their decision but we are firmly behind our manager because he is top class."
Phillips insists there is no need to panic ahead of the final day showdown at White Hart Lane and pointed out that Birmingham are not even in the bottom three.
He said: "There are some tough games for everyone on Sunday but we ultimately believe we can get a result at White Hart Lane.
"If we don't believe that, there is no point getting on the bus and going down there."