Rovers chairman John Williams has revealed that a new offer is on the table for Bellamy to remain at Ewood Park but that Liverpool have made an offer for the Wales international striker.
"We have made it crystal clear to Craig and his advisors that we want him at Ewood Park," Williams told the club's official website.
"We made him an improved offer before Liverpool declared their interest, an offer that was consistent with our ambition and determination to build on last season's success.
"The decision now rests with the player."