it should technically be possible since a phone is just a small computer that you carry around and any wallet could add the offline signing feature with minimal changes. in fact i think Electrum may support it already for their android release. but i don't think you can ever call it "air-gapped" or even "offline" just because you don't turn your phone network on.
with a PC all you have to do is to disconnect its network cable and it won't have any way of transmitting data unless you choose to add extra equipment to it such as Bluetooth, connect to LAN,...
but with a phone, even if you disconnects its network it still has other ways of transmitting data and it is always connected to a network.
That's certainly true, mate. The phone's network (3G, 4G, etc.) might still be connected without the person noticing it. This is not like a PC where you can simply disconnect the LAN cable or remove the internal wireless card. Maybe removing the phone's SIM card will help. But just to be safe, it's advised to activate "Airplane Mode" whenever it's possible. For Android devices, the best way to achieve complete privacy and security would be to "root" them. Gaining "root" access would allow you to "tamper" with the device to your heart's content. An experienced developer could easily deactivate the phone's radio transmitter, along with Bluetooth and even Wi-Fi at a software level. Only then, one will be able to use the phone "off the grid".
I think Android tablets would work better than smartphones as mobile Bitcoin wallets where you can sign transactions offline. There are many tablets out there which only have Wi-Fi capabilities, unlike smartphones of today. As long as you're able to import a raw Bitcoin transaction from the PC to your Android device to sign it offline, you might not need to spend a fortune on "Hardware Wallets" after all.
Thank you very for much for sharing this. I've managed to sign a raw transaction on my Android phone in an offline manner via the use of Electrum Bitcoin wallet on the PC. The process is simple as you'd import the data from the PC wallet's QR code into the site provided on the link above to convert it into a readable format for the mobile version of Electrum. While this works, I would've preferred to do everything within my phone without having to use the PC at all. If someone achieves this in the future, it could allow anyone to have a truly mobile "Hardware Wallet" that's completely air-gapped, and safe from external attacks at a fraction of the cost.
Nonetheless, I'll be locking this thread since my problem has been solved. If anyone else has other ideas, feel free to contact me via PM anytime.