Bellamy aggravated his hamstring injury during The Magpies' 1-0 defeat at Bolton Wanderers on Sunday and was immediately pulled out of the Wales squad by Sir Bobby Robson.
The Newcastle boss is determined to preserve Bellamy's fitness ahead of the club's challenge for the final UEFA Champions League berth.
Robson insists taking Bellamy out of the Wales squad is not just for Newcastle's benefit but also for the player's.
"He has got a tight hamstring - I am not surprised - he played the other night (against Mallorca) for the first time in two weeks," said Robson.
"To play for Wales is not on, unfortunately. But it is for his benefit."
Joining Bellamy on the list of absentees for the midweek tussle against Hungary are eight other Wales internationals.
Fulham duo Mark Crossley and Mark Pembridge are missing due to a sciatica problem and a calf injury respectively while Tottenham's Simon Davies is absent due to shin splints.
Wolves forward Nathan Blake is a withdrawal due to a neck complaint while West Brom's Andy Johnson has a groin problem.
Adie Williams is sidelined with a foot infection and Sunderland's John Oster is out of the squad with a hamstring injury.
Wales boss Mark Hughes' plans were further decimated by the withdrawal of Paul Parry with the Cardiff midfielder, who enjoyed an eye-catching debut in last month's friendly against Scotland, absent with a hamstring injury.
