Can Frozen Mallet Build Out From Phage Again?

Whenever I play and see in the store, there's a slight temptation, at the back of my head, to buy it. The feeling's never strong enough to win over, but it does make me wonder: why don't I buy it? Behind Warmog's, Frozen Mallet provides the most health an item can give (without using percentage bonus health); it provides some attack damage, which is always nice on a bruiser tank; and slows enemies on basic attacks. What's not to like about it?

My beef with Frozen Mallet is its build path. The prerequisite items provide not-insignificant stats, but they do take up space. I wish I had something more immediate to sink my teeth into, something I'd buy earlier. I soon thought of Phage. I mean, c'mon, they're both hammers, provide health, attack damage and help you catch up to enemies (though Mallet helps your teammates too). I even read that Mallet built from Phage originally. What changed?

I ask because the recently-proposed changes have raised my hopes. Could there be more improvements to fighter itemization in the future?