Bellamy, who is in his second spell with Liverpool having spent the 2006/07 season with the Reds, was allowed to leave former club Manchester City on a free transfer after falling down the pecking order at the Etihad Stadium.
The 32-year-old says he would only have considered offers from a 'big club' or hometown side Cardiff City.
"With no disrespect to your QPRs and your Stokes, I would go to Cardiff before them," Bellamy told Liverpool's official website.
"But if there was a big club, or a chance of playing in the Champions League or for a club fighting for the Champions League, I had to look at that opportunity and take it really seriously.
"On the deadline day, I woke up, my phone went, my agent was on his way to see me - I was in a hotel with Wales - and he said, 'We have two offers - there's Liverpool and there's Tottenham. What do you want to do?'
"I like Tottenham, I like the team a lot. I feel the way they play and pass the ball would suit me a treat - but this was a chance to go to Liverpool.
"I don't believe you should return, go back to your old clubs, but this is Liverpool and I could never walk away from this opportunity."
The 67-times-capped Wales international also explained how his agent getting a dressing down from Dalglish was enough to prompt him to agree a return to the club.
"My agent has to do what he feels is best for me. He has to give me the options and lay them out on the table for me to make my choice. That's what he is doing his job for. He's been my agent for 12 years and he's a really good man.
"He was doing his job and then Kenny rang him up and gave him an almighty mouthful about me coming here and him spoiling it. I knew straight away, Kenny really wanted me here and was desperate for me to come here.
"It just showed his desire and straight away I was like, 'Get the Liverpool deal done!'"
Bellamy has scored two goals in eight appearances in all competitions since returning to Liverpool.
