Arriving after the team was promoted from the Championship, the midfield player has been on loan with the Tractor Boys for the whole season.
The 29-year-old played 19 games for the Tractor Boys, who were eventually sent down to the second division at the first attempt.
After finishing in 19th position, Ipswich will now be preparing for the upcoming campaign with the goal of battling for promotion back to the Premier League.
However, Phillips is expected to return to Manchester City once the season ends, so it is unclear if he would be included in those plans.
Future prospects for Kalvin Phillips are revealed by Kieran McKenna

Ipswich has not yet addressed Phillips’ future with the team, according to McKenna, who suggests that he has been concentrating on finishing the season.
The Northern Irishman revealed that talks will take place now that the season is over, leaving the door open for a possible comeback.
In an interview with the East Anglian Daily Times on May 16, McKenna stated, “Yeah, look, we haven’t talked about or looked at it too much, in that position, yet, to be honest.”
“I believe that the remaining games have been the center of everyone’s attention, including mine and that of the training group.
That’s the location of everything.
“I haven’t discussed next year with many of the players very much.
“Those discussions will undoubtedly occur in the days following the season’s conclusion, and perhaps even a little bit next week.
“We’ll wait and see.”
Phillips made 19 Premier League games for Ipswich, starting 14 of them. He played 1,237 minutes overall, more than his 402 minutes from the previous season.


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