The young midfielder has shone in the Championship for Birmingham City this season, leading to interest from Chelsea and Manchester United.
Yet the Blues seem set to miss out on Bellingham, with the 17-year-old reportedly close to sealing a move to the Bundesliga.
Bild journalist Christian Falk shared the news on Twitter, revealing that a deal had been done for the youngster.
Falk said: “True: Borussia Dortmund and Jude Bellingham is a done deal.”
Whilst the Blues had been interested in Bellingham, the news is unlikely to cause too much of a shock at Stamford Bridge.
Chelsea have, for a long time, been considered third favourites to sign Bellingham behind Dortmund and Manchester United.
The news does represent a blow for United, though, with the club having previously shown the midfielder around their training ground in a bid to convince him to move to Old Trafford.
Recent reports had said that United may allow Dortmund a free run at Bellingham in a bid to convince the German club to reduce their asking price for Jadon Sancho, another player linked with Chelsea this summer.
Sancho’s progress at Dortmund is said to have been one of the major factors in making the club such an attractive prospect to Bellingham.
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That was also hinted at by Birmingham manager Pep Clotet, who said the player needs consistent first-team exposure at his next club, despite his young age.
“I understand as well there are opportunities abroad where the development of the player which is something that must be considered as well,” Clotet said.
“The only thing I would say is that whatever he picks or wherever he goes he takes the same ambition he has here, the same pride, the same focus on being better and helping the team.”