Bellingham is one of Europe’s hottest properties and will be the subject of a tug of war next summer.
The likes of Liverpool, Manchester City and Real Madrid are all believed to be keen on the 19-year-old.
Bellingham’s stock could rise further at the 2022 World Cup, where he is expected to form a key part of England’s midfield.
The player is valued at around £130 million by Dortmund, who will be keen on retaining one of their prized assets.
Chelsea splashed out more than £270m in a record transfer spend in the summer, but new owner Todd Boehly is looking to beef up the squad with more players.
Midfield is likely to be a priority area for Boehly’s Clearlake Capital ownership during the transfer window next year.