The 18-year-old has established himself a star at Borussia Dortmund and was also a key member of England's squad that made this summer's Euro 2020 final.
Dortmund only signed him in 2020 for £25million from Championship side Birmingham, but he has settled into life at the top level very quickly.
The midfielder made 46 appearances for the German club last season, scoring four times, and was trusted to start in huge Champions League ties against Paris Saint-Germain and Man City.
And he has started the new season in fine form with a goal and two assists in four Bundesliga games.
Bellingham has now been linked with a move back to English football, and some of the top clubs in the Premier League will be clamouring for his signature.
Liverpool and Chelsea have previously been linked and now champions of England Man City have reportedly entered the race, according to the Daily Star.
But Dortmund are likely to command a huge fee for the player they only signed a little over 12 months ago.
Sport Bild claim the figure is likely to be at least €100million (£85million), considerably more than the fee they picked him up for.
Guardiola is a huge fan of Bellingham and lavished huge praise on him after their Champions League ties last season.
"I can't believe it, maybe he's a liar!" Guardiola said. "He's so good for 17 years old, he's a fantastic player.
"There was one moment when he didn't get the ball from central defenders, how he shouts and demands that ball to him at 17 means a lot.
"I spoke with his manager, Edin [Terzic], and he told me what you see in these two games is like every training session."
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