That's the thrust of this article up on WalesOnline that states a six-month loan deal (presumably until the end of the January window) is to be announced tomorrow, with Bellamy then being named captain of the promotion hopefuls.
Bellamy's days at the club are clearly numbered with Roberto Mancini's confirmation that he will not be named in his 25-man squad. Reports suggest Tottenham, Fulham and Celtic to be the front runners and whilst avoiding a direct rival appears to be a smart move, a deal that sees Bellamy move to Cardiff - whilst floated - was not expected.
It would be a huge coup for the Championship side in landing a figure such as Bellamy, who could be a real totem for the Welsh side. After falling short in their quest for the Premier League in recent seasons do look to be amongst the front runners this season.
That said, their financial situation is far from healthy so if this is the move that is agreed, you would have to think it is the least beneficial from a financial standpoint as the club would likely have to eat a large chunk of his current salary.
UPDATE: The mornings press indicates that rather than a deal for Bellamy to sign for Cardiff, it may only be an agreement that would see him train with his home town club. Mark Ogden in The Telegraph suggests this and suggests Fulham are the likeliest destination, whilst Daniel Taylor in The Guardian goes further and indicates that Bellamy has been effectively banished from the club, so disruptive an influence does Mancini feel he has become.