Bellingham has been Liverpool’s number-one target since last summer and the club are pushing hard to sign him in the upcoming transfer window.
Borussia Dortmund’s €150m price tag has not deterred them and Liverpool are convinced that they have the edge in the race despite Real Madrid being in the race to sign the England midfielder.
There is a real expectation that he will end up at Anfield next season, but Thompson stressed that given the competition for his signature, there is a chance it might not happen.
However, he admits that lots of Liverpool fans are now saying Bellingham is Anfield bound, which if it does not happen will be a letdown.
Thompson said on Off the Ball: “So many Liverpool fans are saying Jude Bellingham is coming to Liverpool.
“I’d love him to sign but you have got to get it because it would be the biggest letdown of any transfer window if Liverpool do not sign Jude Bellingham.
“There are going to be so many options for this young man and it is going to be astonishing [if Liverpool sign him].
“Yes, I’d love him but it may not happen.”
Real Madrid recently held talks with the player and his camp in Germany in order to sell a move to Spain to the England star.