Liverpool are currently in seventh place, trailing Arsenal and Chelsea in the race for fourth spot, but the Reds are going strong in the domestic cup competitions.
Kenny Dalglish’s side face Cardiff City in the Carling Cup final at Wembley on Sunday – and Stoke City must make the daunting trip to Anfield in the quarter-finals of the FA Cup.
But Bellamy insists he would swap success in both competitions to help Liverpool achieve their main objective of qualifying for Europe’s premier competition.
“This season isn’t over for either of us, whatever teams loses [on Sunday],” said Bellamy who spent last season on loan to Cardiff from Manchester City.
“Cardiff City have promotion to go for and Liverpool have the Champions League [fourth spot] to go for and the FA Cup. If we lose on Sunday we still have so much to play for this season and the same applies to Cardiff.
“Would we chose the Champions League over the Carling Cup? I think we would. Would Cardiff City chose getting into the Premier League over the Carling Cup? I think they would as well.
“The Champions League is our main objective and that’s what we set out this season to achieve. Cup competitions are a big bonus for us. Maybe a win on Sunday would help push us forward, but if we don’t win, we still have a lot to play for.”
The 32-year-old has represented nine clubs in a career spanning 15 years, but the Welsh forward boasts just two winners’ medals – the Scottish Cup with Celtic in 2005 and the Community Shield with Liverpool two years later.
But Bellamy says he has no regrets when looking back at his career.
“Honestly, I will not lose one second of sleep over it. Not one,” he added. “I’ve enjoyed my career, I’ve had a great career, and I have loved every minute of it.
“Is my career defined on trophies? No, not at all and it never will be. I’m very fortunate to play this game. I’ve achieved more than I ever set out to.
“You mention the Scottish Cup but I don’t even know where that medal is. It doesn’t bother me. I’ve just tried to win every game I can, and if I win trophies then great, if I don’t then it’s as simple as that really.”
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