After a poor first round, Haye, a 36-year-old former two-weight world champion, would have been leading the fight on the judges' scorecards until the sixth round when he ruptured his Achilles and was effectively fighting on one leg. Before that Haye looked like an ageing fighter past his best - still relatively powerful, but slow with hands and feet.
Bellew, who had punched himself into near exhaustion, eventually won with a TKO in the 11th round.
The Englishman rated American WBC world champion Deontay Wilder as a real threat, saying: He's extremely explosive and powerful. Leaky defence and exactly what it says on the tin - wild at times. But an exceptional fighter, very fast, someone I rate highly.
"He's a heavyweight champion of the world and I'm the best heavyweight outside the champions, so make of that what you will. I don't know what else I can say about it.
Bellew, who would like to fight one more heavyweight - and possibly at Wembley Stadium - rates Tyson Fury, the cousin of Hughie, highly.
"Let's not forget what he did in Germany [in beating Wladimir Klitschko]," Bellew said. "He did the unthinkable, no one gave him a hope, and he went there and did it.
"A man who has fought the odds like me, we're champions of the misfits. He doesn't aesthetically look very beautiful, similar to me, but the man can fight - he can really, really fight.
"If everything goes well and he passes everything he needs to pass, then it's a fight that can potentially happen, yes it is."