The 53-year-old, overseer supervisor since Steve Bruce's takeoff in July, was named Premier League director of the month for August.
Yet, with a takeover of the club pending, Phelan's long haul future at the club has been dubious.
"It's a case now of filtering through the offer and getting down to what ideally will be further discourses," he told BBC Radio Humberside.
"I would prefer not to discuss the cash, I would prefer not to discuss what the agreement involves in light of the fact that, to be completely forthright, it's no one else's business.
"You do need equality with the Premier League, and going ahead ideally that is the thing that will happen."
In spite of beginning the season with only 13 fit first-cooperative individuals, Phelan guided the Tigers to an opening-day win over champions Leicester City, trailed by a triumph at Swansea.
Just a harm time Marcus Rashford objective counteracted Hull getting a point against Manchester United, before a week ago's draw at Burnley.
Phelan said there was presently "no extraordinary surge" to concur the arrangement and he was concentrating on their Premier League amusement against Arsenal on Saturday (15:00 BST).
"I might want to have it done weeks prior yet it's just in this most recent 24 hours we've wound up in this situation with pounds, shillings and pence," he said.
Phelan was Manchester United's first-group mentor until 2008, when he got to be partner chief to Sir Alex Ferguson.
He cleared out Old Trafford in 2013 and put in a year with Norwich City before joining Hull in 2015 as associate administrator.
A takeover of the club by a Chinese consortium as of late fell through yet Chinese-American representative Chien Lee is allegedly inspired by purchasing.
Proprietor Assem Allam, who assumed responsibility in 2010, put Hull available to be purchased in 2014.
"There's still the takeover out of sight and I wind up amidst that, attempting to deal with my future," Phelan included.
"I don't know who is included any more and how far discourses have gone. It is potentially a baffling thing from my perspective."
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