Bellamy, who spent four months on loan with the SPL side in 2005, is back at Manchester City after spending last season on loan at Cardiff.
But with City boss Roberto Mancini considering Bellamy surplus to requirements, Celtic are amongst a host of clubs being linked with the Welshman.
And Ledley thinks he would settle in well at a club which also features young Welsh full-back Adam Matthews who made his debut during the current tour of Australia.
"Craig Bellamy would also be a great signing," said Ledley.
"Craig has been here before and he enjoyed his time here. On his day he can be one of the greatest.
"I remember the derby game a couple of years ago away to Manchester United where he was totally fantastic for City.
"I spoke to him at the end of the season and he has some big decisions to make, but I think he would like to come back.
"I asked the question about Celtic, of course I did.
"He loved his time here and if a deal can be done hopefully he can come back. It would be nice to have him here again, but we also have great players here already."
Source: Team Talk
Source: Team Talk