Titans officials met with Hannay on Friday morning, before publicly confirming conversations with veteran Melbourne coach Bellamy had now "concluded".
The announcement comes after AAP revealed last week Gold Coast had left the door open to Bellamy taking over in 2027, as part of an agreement struck with Hannay.
Part of that had been based on Bellamy's long-term plans to move to the Gold Coast once he finishes coaching the Storm, with his daughter living in the region.
Titans officials had always wanted to know by early next month if Bellamy would take up the job, in order to give Hannay clarity ahead of his first pre-season.
Bellamy is understood to have recently told the club he would not be making a decision soon, effectively closing the door on the head-coaching job.
"We make no apologies for pursuing the best. That's what ambitious and successful organisations do," Titans chair Dennis Watt said.
"Craig Bellamy's legacy in the game speaks for itself. His interest in returning to Queensland is well known.
"As a club committed to success and excellence, we had a responsibility to explore every possibility that could strengthen our future and secure the expertise of the most successful coach in the modern era."
Titans owner Rebecca Frizelle echoed that view, after being involved in the discussions with Bellamy.
"We are unapologetically ambitious," Frizelle said.
"Our responsibility is to invest in the Titans' future, not just for next season, but for the decades to come.
"We're putting the right people in the right places at the right time."
Watt on Friday also hit out at misreporting of the story, after suggestions from some sections that Hannay had been blindsided by the club's interest in Bellamy.
Gold Coast had been talking to Bellamy about the prospect of taking over in 2027 well before they signed Hannay to replace Des Hasler on a three-year deal in August.
"I've been involved in discussions about Craig's potential involvement since before I accepted the role," Hannay said in the statement.
"The opportunity to work alongside someone of his calibre would be a tremendous asset for our club, our players, and for me personally in my first role as a head coach.
"I'm proud to be part of a club that thinks boldly and acts with integrity."
Bellamy's decision to hold off a call on his future will leave questions hanging over what he does after the 2026 season.
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.
The Storm have begun working on plans to replace Bellamy if he does not want to continue, with Billy Slater understood to be the ideal candidate.
Gold Coast have previously made no secret they would welcome Bellamy in any role, and it's not out of the question that talks could resume over off-field positions.
Bellamy would be viewed as an ideal football director or coaching consultant by either Melbourne or the Titans if he finishes coaching next year, while other clubs would no doubt also be interested.
12°C