The former Birmingham City man took no time at all to settle into life in Germany last season, featuring 46 times in all competitions and claiming four goals and five assists.
Bellingham's existing deal with the Black and Yellow does not expire until 2025, but Chelsea and Liverpool are rumoured to be planning swoops for the 18-year-old at the end of this season.
Now, the Daily Star claims that Man City are preparing to join the race for Bellingham, who they view as the ideal successor for Fernandinho at the Etihad Stadium.
However, a recent report claimed that Dortmund are not prepared to consider selling the midfielder, although Liverpool are prepared to test that resolve with an £80m offer.
Bellingham - an eight-cap England international - already boasts one goal and two assists from four Bundesliga games this season.