INA - SOURCES
This comes after Premier League heavyweights Liverpool and City both reportedly pulled out of the running due to the cost of a potential deal.
It has been reported that Bellingham has been offered a deal worth £12million-a-year by Madrid.
Reports elsewhere have suggested Borussia Dortmund's asking price for Bellingham ranges between £124m and £130m.
However, a fresh report from Spanish outlet AS suggests Pep Guardiola's outfit are "not giving up" on the possibility of signing him.
The league leaders are said to be playing their cards close.
The report adds that City have submitted offers which satisfy both Borussia Dortmund and Bellingham.
City's project has also been cited as a motivating factor in a possible move.
Bellingham would have the opportunity to rekindle his partnership with Erling Haaland - who broke the Premier League goalscoring record - should he go to the Etihad.