The winger has been one of the club’s best players over four years in League One but is currently out injured.
McGeady, 35, signed a one-year contract extension at the Stadium of Light last summer.
But ex-Sunderland striker Phillips is tipping the ex-Celtic man to leave the club.
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“At the end of the day, it’s a big commitment to hand a player on McGeady’s money another year,” he told Football Insider.
“He will be another year older and he has had his injury problems. The injuries have been a shame because we know what a brilliant player he is.
“Do I see him at Sunderland next season? Probably not.
“If they get promoted and can get him back fit, it may be a different story though. He is an asset to any team when he’s fully fit.
“The older you get the harder it is to come back from these injuries though. For that reason, I would be surprised if McGeady is a Sunderland player next season.”
Sunderland re-linked with Daniel Jebbison
Sunderland remain interested in Sheffield United striker Daniel Jebbison.
The Black Cats, however, are said to be set for ‘disappointment’ in their pursuit of the Sheffield United attacker.
That’s according to Football League World.
The 18-year-old attended Sunderland’s pre-season win over Hull City at the Stadium of Light in the summer and looked set to sign on loan at Wearside.
However, the deal went quiet and Sunderland signed Nathan Broadhead from Everton, whilst Jebbison headed to Burton Albion.
The player had netted eight goals in 19 games for the Brewers during his time at the Pirelli Stadium.
Broadhead was in fine form for Sunderland before suffering a hamstring injury which will keep him out for three months minimum.
Reports state, though, that Black Cats are still trying to do a deal to bring Jebbison to the Stadium of Light.
No progress towards such an agreement being reached with Sheffield United has yet been made with the player still at Burton.