The Cincinnati Reds' All-Star second baseman vetoed a trade to the Braves in 2016, according to FOX Sports' Ken Rosenthal.
The Braves attempted to add Phillips while signing free agent infielder Sean Rodriguez. Rodriguez later agreed to a two-year, $11.5 million deal.
"...the trade, in theory, is still possible, but the talks are unlikely to revive, sources say," Rosenthal wrote.
Phillips, 35, has used his right to reject a trade as a player with 10 years of major league experience and five straight seasons with the same team three times. He previously blocked deals to the Washington Nationals and the Arizona Diamondbacks.
Phillips is due $14 million in the final year of his current pact with the Reds. He signed a six-year, $72.5 million contract extension in 2012.
In November, MLB Network's Jon Morosi reported that "Phillips is more willing to consider waiving no-trade clause this offseason than last, with only one year left on deal."
The three-time All-Star hit 11 home runs, had 14 stolen bases, and hit .291 last season. Phillips joined the Reds in 2006.