The 17-year-old has made 42 appearances in all competitions for Birmingham City in what has been a remarkable breakthrough season at St Andrew's, and the Championship side are set to receive £26m.
Not only will that be the highest fee ever put forward for a player of his age - but it will be the most money that City have ever received for a departing player, reports the Daily Star.
Manchester United were keen to seal a deal with the midfielder, and that the player has chosen his club based on their history of developing young talent
Bellingham took part in a rare interview yesterday after the draw with Charlton, but he did not hint at his future plans.
“We probably should be beating those but considering the situation we got into I think it's a good point in the end and another point gap from those in the bottom," Bellingham told BluesTV.
“Five points is a reasonable gap, I wouldn't say we are safe, we have still got two massive, massive games but I think that's a good stood towards the right direction."