The Welsh forward was a key figure in the club's promotion to the Premier League, but his current deal is set to expire at the conclusion of the current campaign.
That has led to speculation that Bellamy could call time on a career that has seen him turn out for the likes of Newcastle United, Liverpool and Celtic.
But Mackay is hopeful the 34-year-old will extend his stay at his home-town club, and highlighted the example set by Kevin Phillips, who is set to turn 41 in July and is currently part of a Crystal Palace side battling to retain their top-flight status.
"He (Craig) is at a point now where he can look at situations like that as and when they come," Mackay said.
"I touch on Kevin Phillips, who has kept himself in fantastic shape, and at the end of the last couple of seasons has just decided what he wants to do.
"Craig will be the same. I am pretty sure Craig will be the same.
"He is an intelligent lad and he knows where he is in his life right now.
"There will be a point at the end of the season where he will want to take stock of where he wants to be internationally, domestically and his own life."
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