James started the season on injured reserve due to a stress fracture in his right foot that required surgery. The All-Pro safety returned to the field Monday and practiced all week without any issues.
Phillips was designated to return from IR two weeks ago after missing nine games with a broken forearm.
Chargers coach Anthony Lynn said Friday he'll closely monitor James and Phillips' snap count if they are active for Sunday's road contest against the Denver Broncos.
"It's just hard for guys to be out 10, 12 weeks, come back and pick up where they left off," Lynn said. "We have to be careful putting guys back out too soon or back out there before they're ready."
To make room on the active roster, the Chargers waived defensive tackle T.Y. McGill and safety Shalom Luani. The Bolts also promoted receiver Jalen Guyton from the practice squad to the active roster and placed receiver Geremy Davis on injured reserve. Davis has been dealing with a nagging hamstring injury.