The Egypt international has been inspired form in his maiden campaign at Anfield, remaining on course to become the Premier League's highest-ever scorer in a single season.
Bellamy has a different view, however, insisting that the 25-year-old must first prove himself for a second season before earning links to the La Liga giants.
"If I was Liverpool, I'd take [the interest in Salah] as a compliment," he told Sky Sports News. "Why wouldn't top clubs be interested? I'd be worried if they weren't.
"But Real Madrid and Barcelona, who could be prepared to pay big money, will surely want to see another year from Salah. There are other players out there that have proved themselves over two or three years who might be closer to going to those types of clubs.
"Those types of clubs are the pinnacle of football - if they come in for you, you want to be a part of that. They are on another planet, but I don't see it happening this summer."
Salah has 36 goals in all competitions for Liverpool this term, 28 of which have come in the top flight.