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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Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.
Newcastle United are staring down the barrel of relegation to the Championship for the second time in the past eight years.