CONFIG_PHYS_64BIT is not available for thedefaultarchitecture x86.
Result is shown for architecture ppc

Large physical address support

configname: CONFIG_PHYS_64BIT

Linux/PowerPC Kernel Configuration
└─>Processor
└─>Large physical address support
In linux kernel since version 2.6.15 (release Date: 2006-01-02)  
This option enables kernel support for larger than 32-bit physical
addresses. This features is not be available on all e500 cores.

If in doubt, say N here.

depends
CONFIG_44x or CONFIG_E500