The three-time premiership winner's five-year deal with Melbourne expires at the end of next year with Bellamy having activated it on a season-by-season basis since 2022.
Bellamy has dragged his feet on his annual coaching call in the past few years with the Melbourne club willing to give him as much as time as he wants to make a decision.
After waiting until June for Bellamy to sign on this season, Storm chief executive Justin Rodski said they wouldn't be marking time until midway through the 2026 season.
"We're talking to Craig about that at the moment," the club boss said.
"He's obviously been on holidays up in Coolangatta, enjoying some time off as he should.
"When he returns in the next week or so, we'll sit down with him and hopefully look at what extending him for at least another year looks like."
Rodski said they hoped to lock him down for a 25th season in 2027.
"That would take him into his 25th year as Melbourne Storm coach in 2027 if we could secure that.
"That's a nice milestone ... and as one of the greatest coaches of all time we'd love to talk to him about extending beyond next year."
Bellamy has been in the sights of Gold Coast, who put a clause into the contract of new coach Josh Hannay that he would agree to work under the veteran if he came on board.
But the Titans called off the chase and backed Hannay after Bellamy refused to make a decision by early November, effectively closing the door on the head-coaching job.
Cutting ties with prop Nelson Asofa-Solomona, plus the departure of star fullback Ryan Papenhuyzen and rising half Jonah Pezet, has the Storm in the player market.
He said it was a good chance to regenerate following a second successive grand-final loss, after going down to Brisbane in this year's title decider.
"Some of those changes have been forced and some of those changes have been a good opportunity for us to reset the list, obviously off the back of two years of success, albeit not the ultimate success," Rodski said.
"We're really comfortable and confident in our core squad but there's clearly some gaps there that we need to address and we're in the market at the moment, talking to a number of players about opportunities to come to Melbourne.
"That's not just for 2026, it's '27 and '28 as well and hopefully, we'll have some updates on that over the coming weeks and months."
Rodski admitted Melbourne planned to pursue Gold Coast skipper Tino Fa'asuamaleaui, who has a get-out clause on his current 10-year deal with his first option coming up at the end of 2026.
"I think he's high on everyone's list, Tino.
"He's a great player, obviously a former Storm star as well, so we'll clearly talk to Tino and talk to his management like every club would.
"Whether or not there's an opportunity here, whether or not he wants to come here, whether or not we've got room in our salary cap, whether or not decisions we make for next year will impact whether or not we can get him for '27.
"There's still so many different scenarios there that could impact having Tino back here but I think everyone on our team would love having him as part of their squad."
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