The 26-year-old Phillips signed a one-year contract with the Eagles in March after playing his first five NFL seasons with the New York Giants.
Phillips has dealt with chronic knee issues over his career and missed the last two preseason games with a quadriceps injury.
Phillips started 41 games for the Giants from 2008-12, compiling 200 tackles, 26 passes defended, eight interceptions and one forced fumble.
The Eagles are now left with six safeties on the roster: Patrick Chung, Colt Anderson, Nate Allen, Earl Wolff, Kurt Coleman and David Sims.
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Emanuella Grinberg, CNN