Toshack believes there is "probably a good chance" his captain and star striker Bellamy's Manchester City career will be over by the end of this month.
And Bellamy, who will make a first international appearance of 2010 in Llanelli, has effectively reached the same conclusion.
Bellamy is prepared to fight it out at Eastlands, but he claims City boss Roberto Mancini has not spoken to him since February.
During a candid pre-match press conference on Tuesday, the 31-year-old also revealed he had turned down an offer from Steve McClaren's Wolfsburg, would relish playing for his home-town club Cardiff City, but might even consider quitting football.
"There are doubts about Craig's future at Manchester City," said Toshack.
"There is probably a good chance that before the end of this month he will have moved on somewhere. Talking to him, it's pretty much looking that way.
"We will just have to wait and see what develops, but he is back and raring to, so that is obviously a positive for us."
Bellamy has yet to discover whether or not he will make City's 25-man squad for the season.
But the current Eastlands climate suggests his next two games could be for Wales - at Llanelli on Wednesday, and then the opening Euro 2012 qualifier away to Montenegro early next month.
"Whatever people think of me, I find myself in a situation I find hard to get my head around," said Bellamy. "I've just come off the back of my best year in football - my stats prove it.
"I feel strongly that I can offer something at the club. But if I don't get in the 25-man squad, I don't know what I will do.
"I might finish, full stop, or look at every option I get. This game is as ruthless as any, and I sort of feel I am not going to be part of it (at Manchester City) - I can see it from a distance.
"I find that very difficult to take because I really enjoy playing for Manchester City. I think I have shown that with my commitment this year.
"Physically, I feel probably the best I have ever felt. The only problem I've had is I haven't played pre-season. I want to play the full 90 minutes tomorrow - I am just desperate to play football."
Bellamy, 31, would undoubtedly have no shortage of offers if he departs City. Fulham, now managed by his former Wales, City and Blackburn boss Mark Hughes, could easily be attracted, as might ambitious Premier League hopefuls Cardiff.
"I've had a few options," he added.
"I've turned down Wolfsburg. I think Steve McClaren is an outstanding coach, and the German league is outstanding, but I don't see myself playing there."
And Cardiff? "Yes, definitely," Bellamy said. "I've always wanted to play for Cardiff - I've never been shy of saying that.
"My wife and kids live here, and it would have more of a pull to me than most. We will have to wait and see.
"Would I love to get Cardiff City into the Premier League? Of course I would. For us to move forward as a nation football-wise, we do need a Premier League team to come from Wales, whether it's Cardiff or Swansea.
"I am committed to stay where I am. They (Manchester City) are building a team to win the league, and I want to be part of that.
"I feel I deserve to be part of it, but I don't pick the 25-man squad or the team. I have to basically wait on their decision.
"With this 25-man ruling, it doesn't matter how well I train or how good my attitude is, I might not be registered to play.
"So do I go without playing football until January, or do I find myself a club where I can play football?
"I've got to see if I get in the 25-man squad first. If I do, then I am going to stay at Manchester City and try to fight for my place, but if I don't, then it is obviously clear I have no part to play whatsoever until January.
"I will look at every option I can, and weigh up what is best for me and my family.
"I do want to be at the club, but if I don't get the opportunity, what can I do?
"He (Mancini) hasn't spoken to me since February. I don't know if it's personal - he is like that with a lot of players, so maybe that's just his manner."
Wales, meanwhile, will be expected to sweep Luxembourg aside at Parc-y-Scarlets, despite Toshack losing the likes of Simon Davies, who has announced his retirement from international football, and Sam Vokes and Ched Evans through injury.
Then the serious Euro 2012 business begins, with Wales in the same qualifying group as Montenegro, England, Switzerland and Bulgaria.