The former England international is in the twilight of his career but he will spend at least one more season at the top after joining the Eagles.
Phillips spent a successful loan period from Blackpool last term, netting the winner in the Championship play-off final against Watford to end Palace's eight-year top-flight absence.
Now that move has been made permanent, with the veteran free agent moving to Selhurst Park on a year-long deal.
Source: PA
Source: PA