The 21-year-old will line up against the Reds as a defending European champion, which was such a factor in making the move to Spain.
After two and a half years with Borussia Dortmund, Bellingham had the world's top sides vying for his signature in December 2022.
Liverpool were thought to have been favourites when the Birmingham-born star had flown out with England for the World Cup.
Former Reds manager Jurgen Klopp had spent minimally the previous summer on midfield reinforcements to save his war chest.
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He sanctioned a panic deadline day loan for Arthur Melo - who ultimately played just 13 minutes - to plug the gap he'd hoped would be filled the following season by Bellingham.
Jordan Henderson and Trent Alexander-Arnold even 'man-marked' him at mealtimes in Qatar, according to England's Conor Coady.
However, Liverpool were ultimately left disappointed when Bellingham moved to the Bernabeu six months later.
Speaking at his Madrid unveiling in June 2023, the Ballon d'Or bronze medalist revealed he 'couldn't turn them down'.
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Bellingham said: "I have always been aware of the interest from England so that was pretty normal, but it was a bit of a surprise when my dad sat me down and said, 'You've had a bit of interest from Real Madrid.'
"It was 12-15 months ago maybe. When he said that, goosebumps really. My heart was close to stopping. It's something you don't expect growing up, to play for a team like this. When it actually manifests itself, it's such an extraordinary feeling.
"The exact moment (I made my decision) is hard to say. I had the meeting when they came to my house and I was sold, but I can't really remember when that was. That was the moment for me when it was definite.
"I've always really admired the club, watching them win the [2022] Champions League.
"I was there at the final when they beat Liverpool. That was another huge factor but there were loads of things that went into making me decide to join this club because there are loads of reasons.
"Yes, of course (England teammates spoke to him about his future) at the World Cup and the international team camps.
"It's hard, all of them wanted me to come back to England and play for their teams, which I really appreciate.
"But I like the idea of this being out my comfort zone, if you like. It would maybe have been an easier option to go back to England, my native country, and live there and play in the Premier League.
"But I couldn't turn down Real Madrid really. The club is so big. It just felt like the right move for me.
"It's not because the other clubs are bad, nothing like that, it's just because Real Madrid is where I wanted to be."
That 2022 final in Paris saw Klopp miss out on a second Champions League trophy as Liverpool's manager following his 2019 win.
Madrid goalkeeper Thibaut Courtois made nine saves to Alisson Becker's zero in a man-of-the-match performance to seal a 1-0 win.
Jude Bellingham jokes with teammate Trent Alexander-Arnold with surprise birthday present
Klopp later revealed it took him nearly a year to rewatch the highlights and described it as 'proper torture'.
Vinicius Junior - who has confirmed he messaged Bellingham 'for months' to persuade him to join Madrid - bagged the winner.
As the Ballon d'Or runner-up did twelve months later at Wembley having been teed up by Bellingham who clearly made the right call.
The latter scored 23 goals and registered 12 assists in all competitions en route to lifting a La Liga and Champions League title.
Ironically Bellingham could soon find himself public enemy number one by Liverpool following his arrival at Anfield.
The England international will reunite with Three Lions best mate Alexander-Arnold - who has been linked with his own move to Madrid.
The pair's bond strengthened at Euro 2024, capped by their 'wolf' goal celebration during the 1-0 victory over Serbia.
Liverpool fans will now finally see them step onto the Anfield grass this week - although not in the way any of them would have wanted...
Liverpool vs Real Madrid: How to follow
This Champions League clash is set to take place on Wednesday, November 27.
Kick-off at Anfield is scheduled for 8pm.
talkSPORT will have live coverage from Merseyside, with Adrian Durham serving as your presenter.
Commentary will come from Jim Proudfoot and former England captain Stuart Pearce.
talkSPORT.com will also have updates in our dedicated live Champions League blog.
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