Rumours have surfaced that the midfielder and striker could want to leave Blues when the transfer window opens next month to seek regular first team football but McLeish believes both players want to remain at St Andrews for the remainder of this season.
However, the Blues boss has admitted that he would not stand in their way should they wsh to depart.
"I would like Lee and Kevin Phillips to stay for the rest of the season," McLeish told the Daily Mail.
"I understand that, if there's something they feel strongly about that was better for them, I wouldn't stand in their way.
"They are reasonable people and phenomenal professionals. At the moment, I believe they want to stay."