Hull began the season with wins over defending champions Leicester City and Swansea City before losing 1-0 to Manchester United. They are fifth in the standings.
The 53-year-old Phelan took over as caretaker manager in July following Steve Bruce's resignation and has not yet been handed a permanent position.
"We had a discussion last week and we're still talking about it. It's irrelevant. It's still about preparing the team. Those discussions will continued," Phelan told British media.
"We've had a good start to the season."
Manchester City winger Raheem Sterling was named player of the month after scoring two goals and claiming two assists in the first three matches.
(Reporting by Ian Rodricks in Bengaluru, editing by Ed Osmond)
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