The 35-year-old presenter was forced to intervene as an explosive row erupted between the pair which ended with Kim, 74, yelling at Phil, 54, “you big phoney!”.
Now the mother-of-three revealed the controversial Celebrity Big Brother housemate was fine afterwards, suggesting Kim became argumentative for publicity.
Speaking to the Daily Star, Holly said: “Afterwards Kim was fine. She leant across and said 'I do like you Phil, I do like you'. Then she said 'it's all good telly' and I thought ‘maybe she is just being very clever’.”
The video of the shocking scrap has topped over 1 million hits on YouTube and her behaviour has resulted in the How Clean is Your Clean host becoming one of the most talked celebrities since leaving the show last Friday.
Holly Willoughby appears to suggest Kim Woodburn became argumentative for publicity
Kim Woodburn called Philip Schofield a "big phoney"
Her fiery outbursts had made the star very popular and she is said to be in talks with TV bosses about hosting a confrontational Judge Rinder-style show.
But Holly hasn’t watched Kim in the Celebrity Big Brother house and had no idea she would kick off on This Morning.
“I hadn't seen she had the potential to go. And then I saw the VT when we went into it and thought 'oh god' but I did not expect that to happen and for it to happen on the sofa, because essentially that happened in six minutes,” she said.
Holly continued: “I was a bit scared. I could see her getting bigger and more upset and it was bubbling and growing and she was getting a bit cross.
“Phil didn't say anything he wouldn't have said to anyone else. To be honest and I don’t really know what happened. They were in Big Brother for 31 days…”
Kim Woodburn lashed out at Philip Schofield on This Morning
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Philip later joked that his co-presenter acted as his human shield during the heated exchange.
Talking about the discussion with Rylan Clark-Neal he said: “She nearly killed me! If she could have got passed Holly she would have done!"
After the clash, Kim took to Twitter to insist she is a “nice person”.
She tweeted: “I’m a nice person. Anybody I know will tell you this. If somebody pushes my buttons. I push back just as hard. Thank you for your tweets.”
This Morning continues weekdays on ITV at 10:30pm.