Despite being just 16 years of age, Bellingham has already established himself as a regular in the first team, making 17 starts and six substitute outings in the Championship.
However, with just 18 months remaining on his contract, the teenager has been linked with an eventual transfer to the Premier League.
While Manchester United have been heavily linked with an approach, The Sun claims that Wolves are also monitoring the situation.
Birmingham's West Midlands rivals have allegedly been offered little encouragement in their efforts to complete a deal, although much could depend on the fee which is offered for the prospect.
The Blues may wait until the end of the campaign before cashing in on their most prized asset. body check tags ::