The journalist, however, has told GIVEMESPORT that the race is still very much open.
What is the latest news involving Bellingham?
Towards the end of last month, The Athletic reported that United, Liverpool, Chelsea, Manchester City and Real Madrid are all interested in signing Bellingham.
This is not the first time United have had the 19-year-old on their radar, with the Manchester club having tried to lure him to Old Trafford a couple of years ago.
They, of course, failed, with Bellingham leaving Birmingham City for Dortmund instead in a deal that cost the German giants an initial £25m fee.
In terms of how much the English youngster could cost now, a report from The Telegraph suggests his next club will have to pay £130m to acquire his services.
What has Jacobs said about Bellingham and United?
Jacobs says United are not currently at the front of the queue for Bellingham. However, according to the CBS reporter, the race for the Dortmund star remains open.
Speaking to GMS, he said: “Manchester United, have they even got the budget to afford Jude Bellingham? They are behind their rivals at the moment, but it’s very much an open race.”
Would United spend £130m on Bellingham?
You would not rule it out, but you just feel that Erik ten Hag will not want to use the majority of his budget on one player next summer.
United are probably going to have to sign a new striker going into the 2023/24 season, and they obviously do not come cheap.
Cristiano Ronaldo may finally get to depart Old Trafford in the new year after reportedly asking to leave the club before the start of this campaign. He has less than 12 months on his current contract, though United do have the option to extend it.
However, if the Portugal international does go, you would expect United to dip into the market and recruit a new forward.
As for Bellingham, he is undoubtedly an incredible midfielder. It was only a couple weeks ago when Manchester City manager Pep Guardiola was hailing him as an “exceptional” player. If Ten Hag wants to strengthen his side in the middle of the park, then the England international has to be under consideration.
But again, given that there probably will be other areas to improve, it would not be a shock if United withdrew themselves from this expensive race.