That is according to John Barnes, who also told Stats Perform he believes the Reds missed a trick by not bringing in Yves Bissouma, who has now signed for Tottenham.
Liverpool has already been active this window, having added Darwin Nunez and Fabio Carvalho to their attack to compensate for the loss of Sadio Mane, who has joined Bayern Munich.
Jurgen Klopp's side continues to be linked with an array of other players, with Dortmund star and England international Bellingham a rumoured target.
Bellingham has made a big impact for the Bundesliga giant since arriving from Birmingham City two seasons ago, and Barnes would like to see him return to English football.
"I think he's a fantastic player," Barnes said of Bellingham. "Another player who I like to have thought would have suited Liverpool, but went to Tottenham, is Yves Bissouma.
"Obviously that's not there anymore because he's gone to Tottenham, but that's the template of the type of midfield player we want.
"A hardworking midfield player, probably more defensive than attacking, who may not score many goals but works hard, wins the ball, gets it forward to the front three quickly.
"Jude Bellingham is similar [to Bissouma]. He probably has a little bit more quality on the ball. He's English, he's young, that would be a fantastic signing for us.
"But it probably isn't going to happen this year. Hopefully next season we could make that signing."
Despite still being aged 18, Bellingham started 44 games for Dortmund in all competitions in the 2021-22 season – four more than any other player.
He has also racked up 15 senior caps for England and became the youngest player to represent his country in a major tournament at last year's Euro 2020.
While speculation surrounding Bellingham's future looks set to continue, Liverpool has already spent big to sign Nunez from Benfica.
The Uruguay international starred in the Primeira Liga and Champions League and will help fill the void left by Mane's move to Bayern.
Nunez joins Liverpool after netting 48 goals in 85 appearances for Benfica in total, finishing as the top scorer in the Portuguese top flight in the 2021-2022 campaign with 26 strikes.
But while Liverpool may have splashed out a reported £64million (€75m) to sign the striker, with a further £21.4m in potential add-ons, Barnes believes he will need time to adjust.
"He's coming to a new country, he's young, he's coming to new environments and new team, he has to be given time," Barnes said.
"Now if he's like [Diogo] Jota, for example, he hits the ground running, that's a bonus, but I don't expect him to come in and all of a sudden take to the team straightaway.
"We've seen times that players, like [Roberto] Firmino for example, took time to adjust. Thiago [Alcantara] is another who took time to adjust.
"I think they've done their homework and knowing that they can fit him into the template of what they actually want.
"But I'm not putting expectations on him all of a sudden to be the best player on the team and for everything to be seamless.
"Jurgen Klopp has done his homework and will feel that he can get the best out of him within the framework of the team. So I'm expecting him to be successful in time."