Phillips has been sidelined since July 11 after surgery to repair a tendon tear in his left thumb, which he sustained while diving for a ball. Phillips was supposed to be out for six weeks.
Price said it is likely that Phillips will join Triple-A Louisville in hopes of being activated for a three-game series against the St. Louis Cardinals on Monday. He also could be activated for the home series against the Atlanta Braves starting Aug. 21.
"He's going to certainly need at least a handful of at-bats to assess where he is and get his timing back somewhat and then we'll evaluate and see where he is," Price said to the Cincinnati Enquirer.
Phillips, a three-time All-Star, is batting .272 with seven home runs and 40 RBI in 86 games this season.
- Scooby Axson