Folau will leave the Storm at the end of the season and return home to Brisbane so he can be closer to his family.
Folau's move to Brisbane has fuelled speculation Bellamy would follow suit as he has a close relationship with the star outside back and is widely tipped to replace the Broncos' departing coach Wayne Bennett.
But Waldron said the premiership-winning coach is happy at the Storm, emphatically denying claims that he would leave the club at the end of the season.
"Craig's got two years to go (on his contract)," Waldron said.
"No one worked as hard to convince Israel to stay than Craig did, he's committed to us, we're committed to him, we're not going to be driven by any external forces to make us expediate any process with him."