Bellamy has led the Storm since 2003 and is contracted with the club through 2026, but had the option to transition into a coaching director role when he felt the time was right.
As recently as last week, Bellamy claimed to be unsure whether he would coach for a 22nd season but was adamant a call would be made in the week beginning May 15th.
Bellamy told the Storm playing group at a meeting on Monday morning that he would be their coach in 2024, with a formal statement expected to be released by the club later in the day.
The 63-year-old has spoken openly about enjoying the challenge of mentoring an inexperienced playing group after years of premiership dominance.
Club legend Cameron Smith believed the fifth-placed Storm's solid start to the season would have weighed into Bellamy's decision.
"He's contemplated it a few times now, finishing up," the three-time premiership winner told SEN.
"But when you're still getting results and the team is still performing for you, I guess that's the reason why you stick around.
"It doesn't surprise me that he's going around again, although I will say that I thought he was going to finish up this year.
"But I'm not overly shocked that he's recommitted. He's the type of guy that loves the Melbourne Storm, he loves rugby league and he loves coaching."
Bellamy's decision clears the air for St George Illawarra to pursue Jason Ryles as a potential head-coaching option for 2024.
The Dragons are actively sounding out candidates to replace Anthony Griffin next season and reportedly held informal talks with the highly-rated Sydney Roosters assistant last week.
Ryles had also been linked to the Storm job, though, having finished his playing career under Bellamy and then served as an assistant coach at the club between 2016 and 2020.
Queensland State of Origin coach and Storm legend Billy Slater was floated as another potential successor, had Bellamy decided to step down at the end of 2023.
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