The Republic of Ireland international has an agreement with Barnsley to leave the club if they failed to win promotion this season.
The Tykes are set to grant the former Leeds man a free transfer after having a clause inserted in his contract when he joined the club last July.
McPhail, who joined Barnsley to link up with former Leeds youth team boss Paul Hart, is keen to be playing at a higher level to enhance his international ambitions.
The 25-year-old has had a fine season at Oakwell with the player enjoying an injury-free season.
A number of Championship clubs are believed to be keen on signing the talented playmaker and have been alerted to his availability.
Tykes Mad says: A fine season? Injury free? Championship clubs keen? Talented playmaker? I am still laughing....goodbye and good riddance.