The 18-year-old has been in impressive form for BVB since his arrival from Birmingham City in 2020, contributing 10 goals and 18 assists in 90 appearances for the Bundesliga giants.
During the 2021-22 campaign, he scored six goals and provided 14 assists in 44 appearances in all competitions, and it is understood that many of the world's leading clubs are keen to sign him.
Bellingham will not be on the move this summer, with the England international saying last month that he would spend the 2022-23 season at Dortmund.
"The only future I'm thinking about is the next game with Dortmund. And I will be here next season. I'm ready," the midfielder told Ruhr Nachrichten when asked about his future.
Liverpool are believed to be determined to sign the former Birmingham youngster in 2023, while Real Madrid are also said to be planning a big-money offer for the midfielder.
A recent report claimed that Los Blancos are prepared to pay €90m (£77.8m) for the youngster, while Liverpool are thought to have already made an offer of €100m (£86.4m).
However, according to The Express, Man United could win the race for the Englishman in 2023, when they will hope to have secured a return to the Champions League.
The report says that the Red Devils could be a 'more dangerous proposition in the transfer market' next summer if Erik ten Hag enjoys a successful first season at the helm.
Man United are believed to have wanted Bellingham from Birmingham in 2020, but it was decided by his camp that the youngster's development would be best served by moving to Germany.
Bellingham scored three times and registered eight assists in 32 Bundesliga appearances during the 2021-22 campaign, while he also featured on six occasions in the Champions League.
The midfielder was also involved for England during the recent international break, and he is in a strong position to secure a spot in the Three Lions squad for the 2022 World Cup.
With a valuation of between £80m and £100m, Man United would not be able to afford Bellingham this summer, and they are currently prioritising a move for Barcelona's Frenkie de Jong.
However, Dortmund are allegedly preparing to lose the youngster next summer, and the Red Devils could compete with Liverpool and Real Madrid for his signature.
Manchester City and Chelsea have also previously been credited with an interest, though, and Barcelona might also be in a position to challenge for his services ahead of the 2023-24 campaign.