Bellamy, 53, ended all speculation on Monday afternoon (EDST) that he would reject lucrative offers from other top rugby league clubs and stay at Storm.
The reigning NRL premiership coach signed a hefty deal through to the end of 2016.
Bellamy revealed he made his decision to stay with Storm only only on Sunday night and confessed uncertainty had become a distraction.
He wanted to confirm his future coaching intentions ahead of of Storm's departure this week for the world club championship series.
"It was an important contract for me, they all are but I wanted to make sure that I made the right decision and considering all the options took a little bit of time," Bellamy said.
"I felt like a bit of a fan really, this is my club.
"I felt the emotional bond too tight to break.
"At the end of it I probably found that emotional rope a little bit too hard to cut."
Bellamy has a well renowned powerful bond with his Storm players and conceded that a four-year deal could take him to the end of his professional coaching days.
He revealed he closely considered leaving Storm but ultimately stayed with the Melbourne franchise because it is "his" club.
He has been Storm head coach since 2003 taking the Melbourne outfit into five NRL grand finals.
"I've been here 10 years and that consideration was about whether I'd been here too long and whether it was time," he said.
"I still want to make sure that this team is still really competitive and I want to play my part in that."
Bellamy said he had not had any coercing from Storm players to stay on.
"They knew it was important decision for me and they didn't want to go putting any pressure on me.
"I had a couple of chats to them here and there, but there was never any coercing to stay here."