The British boxing hero lost to the undefeated Ukrainian for the second time last month at the Jeddah Superdome in Saudi Arabia.
It saw AJ slump to two consecutive losses as a result after his most recent defeat to Usyk.
Despite this, Fury, 34, has called out Joshua, 32, for a long-awaited Battle of Britain in December, which Bellew believes highlights his mainstream appeal.
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Speaking to talkSPORT, Bellew said: “He’s coming off the back of two defeats and yet a champion is calling you out.
“The best way I could analyse this and add it up would be Conor McGregor is coming off two defeats but still every single UFC fighter in the business calls out his name. It’s very similar to AJ now.
“AJ is still the biggest draw in the heavyweight division. I’m sorry to say it guys, it doesn’t matter if he’s lost twice or not, he’s still the biggest draw. There’s a reason why he does what he does.
“He’s just been brilliantly managed and promoted and it’s been a dream but ultimately he knocks people out.
“Yes he’s coming off the back of two defeats but why is the best fighter in the world calling his name? Why does he want to face him? You’ve got to ask that question.”
“And when you start putting out offers and saying I’ll give you 60/40… I’m not being funny guys but people like Conor McGregor, people like Anthony Joshua, they don’t bow to other people’s demands because the draw they bring is so big.
“This guy took boxing to Saudi Arabia, just remember that, the desert, never been there before. So you know he has an awful lot of power to his hand.
“People like to point out oh it’s a different model UFC to boxing. In hindsight it’s really not. Are you the biggest draw or are you not?
“There’s a reason why he’s being called out you know, he’s coming off two losses like we’ve just said, and yet Tyson Fury is calling his name.”