According to Adam Schefter of ESPN, the Giants have their eyes on a potential replacement.
Dan Benton of the Giants 101 Blog also reported that the Giants have contacted the agent for Woodson as well.
It's not the first time we've mentioned Charles Woodson's name on this site, and many fans have been hoping that the Giants could land the long-time veteran.
Woodson broke his collarbone in 2012 and only played in seven games for the Green Bay Packers.
But as a free agent who was released by the team late last month, he's still an attractive option for a team looking for defensive back help and depth.
The Giants struggled tremendously at that in 2012, especially when Phillips went down with a knee injury early on in the season.
It did allow Stevie Brown the chance to step up and shine, but the Giants were a weaker team without Phillips on the field.
So if Phillips does sign elsewhere, looking into a solid veteran like Woodson makes plenty of sense.
According to Schefter's tweet, the Jets, Seahawks and Dolphins are also interested in the 36-year-old.
Woodson is no longer a cornerback and was moved to safety by the Packers in 2012, but that didn't change his ability to still be a ball hawk and make plays in the secondary.
As much as I would like Phillips back, I like Woodson as a Plan B for the Giants secondary.
The only question is, what kind of contract is Woodson looking for, and can the Giants afford him?
We'll all have to keep our eyes and ears open to see how this plays out over the next couple of weeks.
Stay tuned, Giants fans.