Bundesliga giants Borussia Dortmund acquired the services of the teenager from Championship side Birmingham for around €23.5m last summer.
Despite making the move from the English second tier to the German top flight, Bellingham has established himself as a key player for Borussia Dortmund.
The midfielder’s performances for Borussia Dortmund have also seen him attract significant transfer interest from clubs, including Liverpool and Chelsea.
Birmingham could have slapped a sell-on clause into their agreement to sell Bellingham, but despite speculation they may have done so, it has been claimed they did not.
According to German television channel Sport1, Birmingham do not have a sell-on clause in their agreement with Borussia Dortmund for Bellingham.
Instead, the Championship club would only be due FIFA’s five per cent training fee should Borussia Dortmund sell Bellingham.
While Chelsea and Liverpool are interested in signing Bellingham, Borussia Dortmund are keen to keep hold of the England international.