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TMDSCNCD28388D: preferred placement between MCU MAC through PHY and PHY through transformer

Part Number: TMDSCNCD28388D

Hi, I've to decide where to place the PHY IC between the MCU MAC interface pins and the ethernet trasformer.

My doubt is what is prefered to keep the signal integrity of both sides optimals.

PYH close to MCU to maintain MII signal shorter, or PHY close transformer to maintan differential MDI signal integrity

What should be more appropieate?

The total distance beteern MCU and  transformer is about 60mm

Thanls and best regards

Pablo Slavkin