Philips (knee) was a full participant in practice Wednesday, Jim Wyatt of the Titans' official site reports.
Philips was placed on injured reserve to begin the season, and after missing the mandatory four games, the receiver had his 21-day evaluation window opened Monday. Given that he's already beginning Week 5 prep as a full participant, Philips looks like he'll have a good chance to play Sunday at Indianapolis, provided he doesn't experience any complications with his knee during practices Thursday and Friday. Whenever he's activated, Philips will likely handle punt return duties in addition to providing depth at receiver behind DeAndre Hopkins and Treylon Burks (knee).