Its first-look agreement with the Hangover maker's production company will continue through 2013.
The deal has been in place since Phillips's 2004 Starsky and Hutch remake.
"Todd's been a cherished member of the Warner family for a long time, and the comedic genius he's brought to the big screen has made for an extraordinarily successful partnership," said Warner president Jeff Robinov.
"We're excited to extend our relationship and eagerly anticipate more great movies from Todd and Green Hat."
Currently in development at Green Hat are drug trafficking movie Mule, which is based on Tony D'Souza's novel, Arms and the Dudes, The Island and Million Dollar Strong.
Phillips most recently wrote, produced and directed The Hangover Part II.
His first three films under the deal grossed $1.2 billion (£758 million) worldwide.
Watch The Hangover Part II trailer below: