The teams that could sign Bellingham are City, Chelsea, Liverpool, United, PSG, Madrid, and Barcelona.
City will always be a factor to sign a top player. They certainly have the money and a great project to attract players. Aside from Haaland though, they tend to not spend the really huge sums on players.
Chelsea, Liverpool, and United all could afford him, but will need to qualify for UCL to have a chance. I think there’s a good chance only one of them qualify, and almost certainly not all three, so at least one of the three and potentially two of the three will be eliminated like that.
But who knows what the new Chelsea approach will be? Liverpool has been reluctant to make that huge purchase of some of the other big teams in England, and then United have so many problems that he might not be a main target and Bellingham might not be interested.
Real can afford him, but they’ve spent a lot on young midfielders the last few seasons. Will they try to sign him? Barcelona seemingly can afford anyone, but they have a lot of midfielders anyway and a few around the same age as Bellingham. PSG can afford Bellingham and will likely try to make a pitch, but I don’t think they’re the best at signing the non-galaticos or mid level youngsters. Most players do not want to be playing in that league.
You could name a few others that could technically afford him, but there’s no chance we’re selling to Bayern and Juventus almost certainly will not be in for him and haven’t been rumored.
He also might stay. There’s a good chance he will. I will feel that much more confident he stays if Arsenal and Spurs both make UCL. City would be a threat and then whoever else makes UCL, but those teams might not try to sign him anyway.