The actor has been in dicussions over a return to the soap for some time now following his decision to "take a break" in 2003.
"I can't wait to get back to EastEnders and settle a few scores," said McFadden today.
Phil was last seen on screen on Christmas Day 2003, when he was on the run from the law after being set up for an armed heist by Den Watts. Phil has been on the run ever since, during which time his assets (Queen Vic, Snooker Hall, Arches and café) have been swindled from sister Sam by Den Watts and Marcus Christie.
He will be back on screen later this spring, around the same time Peggy Mitchell (Barbara Windsor) is also due to return.