United and Liverpool are thought to have the best chance of signing him but Chelsea are not giving up on Bellingham, who was nominated for the 2022 Golden Boy award.
Bellingham joined Dortmund from boyhood club Birmingham City in 2020 and has scored 13 goals in 100 games for the Bundesliga side.
He was named VDV Bundesliga Newcomer of the Season for 2020-21 and was included in the VDV Bundesliga Team of the Season for 2021-22.
Jamie Carragher has already warned there will be an ‘auction’ for Bellingham next summer, despite the fact that he is under contract until 2025, with the Stourbridge-born teenager likely able to pick whichever top club he fancies.
But McManaman has fired a warning to clubs looking to sign Bellingham, who he feels has a ‘ridiculous’ price tag.
‘A lot of it will be down to personal preference,’ McManaman told horseracing.com.
‘If he continues his trajectory then he will be good enough for whichever club that gets him.
‘Secondly, It’s dependent on whether he wants to come back to England.
‘He’s a Birmingham boy, so I don’t know whether he’s got a particular fondness for certain clubs or players. He’d fit in any team.
‘If it comes down to a bidding war then I think that’s a reason why Liverpool may miss out.
‘We just have to wait and see what his value is next summer. £130 million is ridiculous money for a young player.
‘He’s certainly the type of player that Liverpool would be interested in and most teams for that matter.
‘No doubt there’s been lots of teams who’ve been in conversation with his agent. They’ll already be whittling down the ideal club for Jude.
‘The most important thing for Jude is that he has a good season. Prospective buyers will be looking closely at how he plays this year, so he will have to impress.
‘Hopefully he can have an impressive World Cup with England [in November] as that will greatly benefit his future.’
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