The 19-year-old continues to shine for the Bundesliga giants, and remains the club's and Jurgen Klopp's priority this summer.
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However, despite Liverpool reportedly leading the chase, the Reds could miss out, due to being unable to compete financially with both Manchester City and Real Madrid.
According to The Athletic, Klopp's side are set to suffer a huge blow in their pursuit of the England international.
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The report adds finances are said to be a problem, and Dortmund are in no obligation to sell with the player who is under contract until 2025.
Both Man City and Real Madrid are understood to be in a stronger position, whilst no Champions League football for Liverpool could also prove a stumbling block in their pursuit.
Manchester United have also recently joined the race for the highly-rated stars signature in recent times, according to The Daily Telegraph,
Bellingham, who left Birmingham for Borussia Dortmund in 2020, is expected to make his final decision over his future in the coming weeks, with Dortmund holding out for £110million.
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Should he move back to his homeland, it will likely be for a British record transfer fee, eclipsing the £106.8m Chelsea paid Benfica for World Cup star Enzo Fernandez.
The Stourbridge-born teenager has made 168 appearances in all competitions for his current German employers, whilst clocking up 22 international caps for England.
Real Madrid, Man City, Chelsea and Man United all remain keen, but it now seems Liverpool have a hit a huge stumbling block if they are to sign their No.1 target ahead of their rivals.
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The Reds may now have to look elsewhere, as Klopp looks to rebuild his squad, fix his faltering midfield, and get his troops firing all fronts once again.