Bellamy's decorated reign at the Storm was expected to reach its cessation at the conclusion of the 2023 season - the coach's 21st campaign in charge of Melbourne.
The three-time premiership coach signed his current contract with embedded clauses that have allowed Bellamy to decide whether he'll continue his tenure with each season, with his call on 2024 now locked in.
The Storm said Bellamy officially informed the club of his decision on Monday morning, having coached 532 games to date.
“It took me a little while to make a decision to be honest. Six or eight weeks ago I was pretty certain I would be packing things up,” Bellamy said in a club statement.
“I spoke to a few people I know who have retired from different jobs and they spoke about the connection they have with people they see at work every day and that sometimes you miss that.
“I still enjoy turning up and mixing with the group and staff. Early in your career, it can be a little bit about yourself but now it's about our group improving as individuals, and if we improve as individuals we will improve as a team.
“Obviously we have a young crop and some of the guys we bought in have taken a while to adapt to our club, which often happens. But I am excited about how much improvement we have in us as a footy team and being consistent as a footy team.
“People like John Ribot, Chris Anderson, Mick Moore and Greg Brentnall set a wonderful foundation for our club. We have a caring club - all the people in the organisation really care about what the club stands for and are all supportive of each other.
“Our members and fans are as patriotic as any supporters I've seen in any club I've been involved with. They really turn up and they love the footy team. It seems to be a very important part of their life."
Chairman Matt Tripp said the decision was exciting for the Storm, labelling Bellamy the best coach in the NRL.
“This is the news I'm sure everyone connected with Storm - our players and staff, our partners, and our members and fans – wanted to hear,” he said.
"Not only is Craig the best coach in the NRL, but he's also a hugely respected and much-loved figure in our club and the game in general.
“His passion and desire to do the job hasn't wavered and he is now bringing through an exciting young team here at Storm. Last week's game showed Craig is up for whatever challenge is ahead and he's clearly enjoying leading this new wave of players.”
Bellamy is only one of four coaches in premiership history to have coached more than 500 games.