The midfielder is set to sign a new five-year contract on improved terms, rewarding his influence at the Bernabeu and underlining his commitment to becoming one of the club's top players.
The deal would take Bellingham to the age of 28, when he could be approaching his prime, and leave him on course to have spent almost a decade at Madrid - after joining from Borussia Dortmund in 2023.
Sources say there remains a long-term ambition to experience the Premier League, a competition Bellingham has never played in despite being one of England's most prominent footballers.
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However, there is no immediate desire to leave Madrid. He began new contract negotiations six months ago and is now close to an announcement on an extension.
Insiders say his affection for the club has grown considerably since arriving in Spain, to the point where it would not be surprising if he chose to extend his stay again and spend a further portion of the remainder of his career there.
Bellingham is on a mission to become an icon at the Bernabeu, where his personality and performances have helped him establish himself as a central figure.
Jose Mourinho is also a huge admirer of the midfielder, whose importance to the team extends beyond his contribution on the pitch - expanding the club's worldwide marketing profile.
For now, Bellingham cannot see beyond Madrid. The prospect of playing in England remains an ambition, and his new deal adds time and security to pursue his immediate goals in Spain.
But the longer-term question is whether that ambition will eventually become strong enough to tempt him away.