Jude Bellingham is one of Europe's most coveted players and his future is very likely to come to a head in the coming months.
The Borussia Dortmund star, who is still only 19, has become one of the best midfielders in the world so there is no shortage of clubs who would love to sign him this summer. Whoever wins that race will have a knock-on effect for many players and clubs, with several searching for central midfielders this summer.
Liverpool, Chelsea, Arsenal, Manchester United, Paris Saint-Germain, Real Madrid, and Manchester City are among those likely to be shopping in that position. You could add Barcelona to that list, but they are far more restricted financially than the others.
Bellingham, who shone at the World Cup for England, has a decision to make, with Dortmund expected to let him leave for the right money.
It's too early to say where he will end up, so this article will instead lay out the positions of the interested clubs and the various elements that will need to be in place for a deal to be done. You might feel you are reading contradictory information at times but that's because the various people involved in this view things very differently — and we don't want to pretend there is a definitive answer when there isn't yet. Some of the sources in this story have understandably asked to remain anonymous to protect their positions.
There will be plenty of twists and turns — and as Liverpool and Real Madrid went head to head in the Champions League this week, don't be surprised if they are front and centre of the conversations.
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Borussia Dortmund
Forget the suitors for a minute, Bellingham's current club are vital to this process, with the player under contract until the end of the 2024-25 season.
Dortmund have no need to sell but equally are unlikely to stand in the player's way if the money is right and he wants to leave. The German side have consistently made it clear they want around €150million (£132m; $160m) for their star player, a fee that will play a big part in who is able to do the deal.
Borussia Dortmund's Jude Bellingham has plenty of options should he leave the Bundesliga (Photo: Alexandre Simoes/Borussia Dortmund via Getty Images)
Through all of this process, it is important to remember that it's possible, albeit unlikely, that Bellingham stays another year in Germany. He's the key man at a big Champions League club and has worn the captain's armband on occasions. He will want to get this next move right — and if that means waiting, so be it. If that happens, don't be surprised if he extends his contract by a year with a set buyout clause for the following summer.
Dortmund will certainly be happy that so many teams are interested in Bellingham; competition usually means a good price is paid.
Liverpool
Bellingham is Liverpool's No 1 target for the summer as they look to rebuild a midfield in need of an injection of quality and youth. The heavy defeat to Real Madrid on Tuesday was proof of that.
Cody Gakpo's arrival in January showed the ownership are happy to invest in the squad despite the club being on the market/looking for investment, but the fee Dortmund want would be almost twice Liverpool's club-record transfer, so whether they have the money or not is to be seen.
Nevertheless, Klopp has been impressed by Bellingham and is more likely to spend big on him than sign two players with the same money.
Liverpool fans were excited by Bellingham's bond with Jordan Henderson at the World Cup (Photo: Alexander Hassenstein/Getty Images)
Bellingham is a huge admirer of Klopp and Liverpool, and several sources have insisted he wouldn't necessarily be put off by the club's recent blip.
In theory, Bellingham's style means he would contribute well in Klopp's system. He is a box-to-box player who helps decide games. One recurring theme in all the conversations for this article is that Bellingham is hugely intelligent and will think long-term — picking the right move is more important to him than a potential year without Champions League football. After Liverpool's Real Madrid defeat, that scenario looks increasingly likely.
Another potential advantage for Liverpool is Klopp's relationship with his former club. And with Liverpool's director of football Julian Ward soon to depart, the manager's role in trying to secure Bellingham could be particularly crucial.
Some involved in the Bellingham pursuit feel this is Liverpool's deal to lose, but the money needed and Liverpool's indifferent form may yet prove too big a barrier.
Real Madrid
The one thing that is certain about Real and Florentino Perez's interest is that it's genuine. They appreciate Bellingham and would love to have him at the Bernabeu. Where things start to become more cloudy is when you speak to people about the chances of that happening.
Real Madrid have definitely held informal and positive talks with Bellingham's camp, as they do with many players they are interested in. The former Birmingham City player is managed by his father Mark.
But sources close to the club insist they have almost no chance of doing the deal because of the financials; they gave out a similar message last year when they felt Erling Haaland was no longer achievable. Real insist they have a number — which is much lower than the €150million ballpark Dortmund want — that they won't go past for this deal.
They would point to the relatively low fees they have paid for players in recent seasons compared to the richer English clubs and are expecting Bellingham to go to the Premier League.
Unlike Liverpool, a midfielder is not Real's first priority either. They urgently need a No 9 or a wide attacker who can play on the right with Karim Benzema now 35 years old.
Real are insistent that Bellingham won't be heading their way but others are sceptical (Photo: Christof Koepsel/Getty Images)
But the 'we have no chance' stance should perhaps also be taken with some cynicism as Real have liked to try to put people off the scent in recent times, particularly after the public embarrassment of Kylian Mbappe not joining last summer. And letting the world know they are interested would likely do them few favours with both the Bellingham camp and in any negotiations. Those involved in trying to do this deal for other clubs are insistent Real are in the race.
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One thing in Real's favour is they have a good relationship with Dortmund. The clubs speak on a regular basis.
There are some parallels in how they value Bellingham with the Aurelien Tchouameni deal last summer. That was €80million (plus €20m in add-ons) at a time when they needed to sign a midfielder and also were confident of making a significant amount of money back by selling Casemiro. This time there is no obvious asset to sell but equally the possibility of Toni Kroos and Luka Modric not extending their deals means Bellingham joining would make a lot of sense.
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It's just the people at the top of the club insist it won't happen.
Manchester City
City are not believed to be favourites for Bellingham but the Premier League champions are certainly interested in him.
Some in the industry feel Bellingham currently prefers Liverpool to City because he would be a better fit stylistically for Klopp's team, where midfielders are more likely to be driving forward than moving sideways.
City might have a gap in their midfield if Ilkay Gundogan leaves at the end of the season, which is possible. They, alongside Real, were also keeping an eye on Enzo Fernandez before his move to Chelsea.
Compared to other clubs, money won't be as much of an issue for City, despite the investigation into their finances. They have shown willingness to spend large amounts when Pep Guardiola wants a player.
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Manchester United
Not so long ago, United would have been viewed as outsiders for Bellingham but things are changing in the red half of Manchester. Erik ten Hag's team are in impressive form, muscling their way into the title race and doing well in the cup competitions. And, with a takeover possible, an even rosier financial picture could be on the horizon.
United's possible takeover could improve their chances of signing Bellingham (Photo: Markus Gilliar – GES Sportfoto/Getty Images)
If a sale happens in the coming weeks, don't rule out United being the team to have the money to do this deal. Whether or not that is a move Bellingham wants remains to be seen.
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Anyone else?
Probably not.
Chelsea are big outsiders after spending €120million on Fernandez. There are not many other clubs with the finances to do the deal, Arsenal included, despite being admirers of him.
PSG have the financial backing but a move to Ligue 1 is unlikely to appeal.