West Ham will make a healthy profit on a player they bought from Liverpool for £7.5m in July 2007.
Asked if he will be allowed to spend ALL of the Bellamy money, boss Gianfranco Zola said: "Yes, yes, yes. Definitely.
"We are looking for a replacement and we will find someone.
"It's important the situation is dealt with as soon as possible. I need to get on with my squad so I need to know how we can sort this out."