The Mirror reports that Ramirez is ready to join the Saints in a £12million deal from Italian side Bologna.
Liverpool and Tottenham have previously been linked with the Uruguay star.
Southampton are also reportedly set to sign Blackpool ace Phillips in a £6million deal before the transfer window closes.
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The start of the 2017-18 Premier League season is just around the corner and is shaping up to be one of the most competitive yet.
As always it is the so called “big clubs” that have splashed the most cash in the transfer window so far this summer. Manchester United or City? Arsenal or Tottenham? Who are the winners and losers of the transfer window so far?