However, West Ham are keen to hold on to the ex-Liverpool star.
They have already sold Bobby Zamora to Fulham, and boss Alan Curbishley sees Bellamy as one of his four main strikers along with Dean Ashton, Freddie Sears and Carlton Cole.
West Ham's chief executive Scott Duxbury said: "We are committed to strengthening our squad. Contrary to some reports, there will not be a mass exodus."