The Wales striker played and captained the Championship club during the 2010-11 season whilst on loan from Manchester City, however, they were unable to secure a permanent deal for the 32-year-old.
Bellamy re-joined former club Liverpool last season but only has one year left on his contract and the Bluebirds admitted they would like to re-sign him if he's not in new boss Brendan Rodgers' plans.
"We'd love to have Craig back," Whiteley told reporters.
"But he is a Liverpool player and until Liverpool and Craig decide what they are going to do, there are conversations that we can't even have at the moment.
"We don't know how it is going to pan out and it is for Craig and Liverpool to decide what they are going to do first.
"But if Craig decides he is going to leave Liverpool and Liverpool are prepared to let him go, then clearly we'd love to talk to him."