At that point Real Madrid would be even more advantageous to sign him. Bellingham was already prioritizing them though but the recent situation can also help him make up his mind.
On the other hand this would be big lost for Milan if losing him this summer because compared to other Milan forward players only Giroud who can able to playing consistent
But this is where the problem begins for Liverpool when they want to sign Bellingham: if I was Bellingham and a club reaches out to me and does not play champions league perhaps, what are you going to do? Since several clubs are interested in signing him, I think one contra would be that Liverpool might perhaps not play in the champions league. As far as I know Manchester City is also interested and then it would be quite surprising if he chooses a club that does not qualify. Money won't be a problem for Manchester City either. Liverpool is in a tough situation. When you can't offer a player to play the most challenging games that's an issue.