Using Magnetoencephalography (MEG) we studied functional connectivity of cortical areas during phonological working memory task. Six subjects participated in the experiment and their neuronal activity was measured by a 306-channel MEG system. We used a modified version of the visual Sternberg paradigm, which required subjects to memorize 8 alphabet letters in 2s for a late recall period. We estimated functional connectivity of oscillatory regional brain activities during the encoding session for each trial of each subject using beamformer source reconstruction and Granger causality analysis. Regional brain activities were mostly found in the bilateral premotor cortex (Brodmann area (BA) 6: PMC), the right dorsolateral prefrontal cortex (BA 9: DLPFC), and the right frontal eye field (BA 8). Considering that the left and right PMCs participate in the functions of phonological loop (PL) and the visuospatial sketchpad (VS) in the Baddeley's model of working memory, respectively, our result suggests that subjects utilized either single function or both functions of working memory circuitry to execute the task. Interestingly, the accuracy of the task was significantly higher in the trials where the alpha band oscillatory activities in the bilateral PMCs established functional connectivity compared to those where the PMC was not working in conjunction with its counterpart. Similar relationship was found in the theta band oscillatory activities between the right PMC and the right DLPFC, however in this case the establishment of functional connectivity significantly decreased the accuracy of the task. These results suggest that sharing the memory load with both PL- and VS- type memory storage circuitries contributed to better performance in the highly-demanding cognitive task.