The surface brightness profile in the V band of the Phoenix dwarf galaxy shows two stellar components: an inner one, which contains all the young stars of the galaxy, and an outer one predominantly populated by red stars. Deep color-magnitude diagrams (CMDs), based on Hubble Space Telescope (HST) observations and reaching the oldest turn-offs, are used to analyze the inner and outer stellar components. Results show that, together with an old stellar population, the outer field contains also an intermediate-age population. These results are compatible with a scenario in which star forming regions are shrinking with time (the shrinking scenario). It seems more difficult to support a halo-disk scenario, which would require extended structures populated only by really old stars.