The premiership-winning NRL mentor was heavily linked with a move to St George Illawarra in 2014, but appears set to sign a long-term multi-million dollar extension which could ensure he finishes his career as a one-club coach.
Bellamy will confirm his new deal before Melbourne fly out to England later on Monday for their World Club Challenge clash with Leeds.
The 53-year-old started his first grade coaching career with Melbourne in 2003.
He led the Storm to grand final wins in 2007 and 2009, before the club was later stripped of those titles for salary cap breaches.
But Bellamy proved his coaching worth beyond doubt by building Melbourne back up again to win last year's NRL premiership.
It seems Bellamy's expected re-signing is a major boost for Melbourne in more ways than one.
News Limited have reported that star players Cameron Smith and Cooper Cronk have get-out clauses in their contract should Bellamy leave the club.
Bellamy said all along he would sort his future out before the Storm departed for their UK trip.