As reported by News Corps' Phil Rothfield, the Storm are set to confirm the super coach's extension on Tuesday.
Rothfield's report suggests the 2022 season will be Bellamy's final as head coach of the Storm, likely stepping away and into a director of football role.
The 62-year-old is expected to head into a mentoring role at the Storm for a further four years after stepping aside from his coaching post at the conclusion of next season.
Cronulla and Brisbane had been closely tied to the off-contract coach's services, with Bellamy offering an illustrious career in the Melbourne hot-seat.
Bellamy had also been linked to a venture with the NRL's imminent 17th club, which is set to be based in Brisbane and injected into the competition as early as the 2023 season.
The extension into coaching will also see Bellamy bring up game 500 as coach of the Storm, a club where he has won five Grand Finals and three premierships due to the club's salary cap scandal from the late 2000's.
Bellamy is tipped to play a large role in finding his successor at the Storm, a role that hasn't be changed since Bellamy's appointment in 2003.