The 22-year-old has been out of action for six weeks with a hamstring injury, but has been called up to Thomas Tuchel’s most recent England squad.
Real Madrid manager Arbeloa has now confirmed that Bellingham will return to the squad for their derby against Atletico.
"He's available, and he'll be in the squad tomorrow," Arbeloa said. "We'll see if he plays. I think so. I'm looking forward to seeing him on the pitch.
“He's an intelligent player, and he knows what to do in every moment. I'm happy he'll be available and ready to help us tomorrow."