All of Europe's richest clubs want to sign the England midfielder, but his development would be better served by another season at Signal Iduna Park
So, now we know. Liverpool are out of the running to sign Jude Bellingham this summer, which is a shame both for the club and the player. Because a move to Merseyside made so much sense.
Liverpool are in dire need of a new Steven Gerrard, while Anfield would have provided Bellingham with the perfect platform to prove himself as a truly generational talent.
He wouldn't have just been a guaranteed starter, he would have been the foundation on which Jurgen Klopp constructed his next great Liverpool team.
Unfortunately, this season's dramatic dip in form, which will likely result in the Reds missing out on Champions League football and financing next season, has put paid to any hope the German coach had of landing Bellingham.
After all, Dortmund are, quite understandably, seeking around €150 million (£132m/$165m) for their most prized possession and Liverpool are no state-sponsored club. They simply do not have the resources to sign the most-coveted teenager in world football overhaul their squad.
Bellingham, of course, still has plenty of potential destinations to choose from, but are any of them really as attractive as Anfield?
GettyManchester City
Manchester City are obviously one of the leading contenders to sign Bellingham and the prospect of working with Pep Guardiola would appeal to the England youngster.
Crucially, unlike Liverpool, money is no object to the club's Abu Dhabi-based owners. Meeting both Dortmund's asking price and Bellingham's wage demands would not be an issue.
But City's wealth is not without its downside, certainly from a player's perspective. The reigning Premier League champions can afford to make mistakes in the transfer market. If an expensive signing doesn't work out, they can just make another one.
They are in the rather enviable position of being able to pay £42m ($53m) for a promising young English midfielder and leave him on the bench for almost the entire season. Now, people may argue with some justification that Bellingham is a far better player than Kalvin Phillips – and a very different one too – but the former Leeds United star's struggles at the Etihad this season underline just how difficult it is to break into this City side.
Pep will obviously have a plan for Bellingham, but he doesn't exactly look like a perfect fit from a tactical perspective. City don't have another player like the 19-year-old, which is good in one way, but potentially problematic in another.
Ilkay Gundogan and Bernardo Silva could both leave this summer, but Bellingham hardly represents a like-for-like replacement for either player.
He is far more direct and actually more akin to Kevin De Bruyne but, again, it's difficult to see Bellingham playing instead of the Belgian or even with him, unless he makes some modifications to his game. Just look at how the ridiculously talented Phil Foden is in and out of the City starting line-up this season.
Bellingham would obviously learn a lot playing under Guardiola, and alongside some of the most intelligent footballers in the game today, but, at his age, he needs to play, and he needs to grow. It's not as if Phillips is doing either right now…
AdvertisementGetty ImagesReal Madrid
As it stands, Madrid don't appear to have quite enough money in the bank to bring Bellingham to Santiago Bernabeu this summer, not that a lack of cash has ever stopped them before. Real usually find a way to get what they want.
A player's desire to move to Madrid often helps too. It remains the dream destination for most footballers, representing the most successful side in the history of the European Cup is still considered by many to be the pinnacle of their profession. Bellingham would be no different in that regard.
Again, though, there are some red flags. Madrid have signed two young midfielders of enormous potential during the last summer two transfer windows, in Aurelien Tchouameni and Eduardo Camavinga.
The former was once again on the bench against Chelsea on Wednesday night, while the latter played at left-back.
Both were obviously bought with the future in mind. Despite some compelling evidence to the contrary, Luka Modric and Toni Kroos cannot continue forever.
But, again, Bellingham might have to spend more time on the bench than he'd like if he were to join Madrid at this particular moment in time.
After all, another midfielder really isn't really Real's priority right now, which is telling in itself.
GettyManchester United
In recently urging Bellingham to stay at Dortmund, club legend Stefan Effenberg pointed out in his column for that there are "no guarantees elsewhere – [Jadon] Sancho is the best example of this."
It was a valid point. Sancho appeared perfectly primed to become a superstar at Manchester United in 2021 after three stellar seasons at Signal Iduna Park.
Sadly, the winger has endured a tough time at Old Trafford, with the mental strain of playing in one of the most pressurised environments in world football having taken a heavy toll on Sancho, who is only now starting to look like something resembling his old self.
Sancho certainly wasn't helped by the constant turmoil at United, and while things have improved around the first team following the appointment of the excellent Erik ten Hag as coach, the ongoing unrest at boardroom level is hugely concerning.
Indeed, it was hoped that the Glazer family, who are reviled by many supporters, would sell the club before the end of the season, but that process could now drag on into the summer, meaning less time for the new owners to prepare for next season.
For that reason alone, United appear unlikely to sign Bellingham. They're not presently in a position to commit to such a massive deal, while Bellingham would be well advised to steer clear while the ownership issue at Old Trafford remains unresolved.
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Getty ImagesChelsea
If United's interest should be treated with caution, any offer from Chelsea must be immediately dismissed. The new owners at Stamford Bridge are making the previous administration look like models of restraint, having already sacked two managers since taking charge last summer and spent more than £500m ($625m) on players.
Seriously, it's The Muppet Show, an ever-expanding cast of comical characters that appear to exist only for our amusement.
It obviously makes no sense for Chelsea to bid for Bellingham, given they're already in danger of breaching Financial Fair Play (FFP) regulations because of their historic spending spree, but that doesn't mean they won't.
Todd Boehly & Co. clearly want to sign as many talented young players as possible. However, it would be hugely surprising if Bellingham had any interest in joining a club operating in a total state of flux.
They won't be playing in the Champions League next season, while it's not yet known who their next manager will be – or whether he'll be sacked six games into the new campaign.
Bellingham must avoid Chelsea at all costs.