In 62 regular-season games this year split between the Guelph Storm and Owen Sound Attack, the 20-year-old Toronto native had five goals and 21 assists with a plus-17 rating.
Phillips has two goals in the 2019 OHL Playoffs with the Storm so far and also represented Team Canada at the 2019 World Junior Hockey Championships this year, posting three points in five games.
Phillips was selected by the Kings in the fourth round of the 2017 NHL Draft.
The terms of the deal were not disclosed.
News of Phillips’ contract comes about a month after Storm teammate Sean Durzi signed an entry-level contract with the Kings as well.
Phillips, Durzi and the rest of the Guelph Storm will play the Ottawa 67’s in the OHL finals, beginning Thursday.
Puck drop is scheduled for 7 p.m., and Larry Mellott will have the call live on 1460 CJOY.