The veteran ex-Sunderland striker has spearheaded successful promotion campaigns for West Brom, Birmingham and Blackpool during his 19-year career.
The 39-year-old has scored just twice in 19 appearances for the Seasiders this season, but he feels he can still play a key role in Palace's promotion push under Holloway.
Kevin Phillips: "Blackpool were approached three or four weeks ago about a club taking me on loan and the club let me know I was available to go.
"I spoke to my agent and then I had a conversation with Ian Holloway and then in the last 24 hours it's picked up again and he's someone I know well.
"We obviously got on really well at Blackpool. He brought me in at a time when not too many people were looking for someone for my age.
"I repaid him with 17 goals and helping them to the play-offs so it was a gamble that paid off. I think I can still do a job, he knows that and that's one of the reasons he's brought me to the football club."