The Borussia Dortmund midfielder is likely to be the point of an all-out transfer war after the season is over.
They believe that Pep Guardiola’s side are the greatest threat to their aspirations to sign the England international.
But there is still a sense of optimism in the offices of the Santiago Bernabeu when it comes to Bellingham’s signing.
However, Madrid are also aware that they could have to pay as much as €150m to sign the Dortmund star in the summer.
Bellingham has been enjoying a prolific season with the Bundesliga club, having scored 10 goals and provided 4 assists in 23 appearances.