The 19-year-old right-back, who can also slot into central defence or push forward on the right wing, has enjoyed a breakthrough campaign in the 2. Bundesliga with 22 league appearances, notching one goal and one assist.
A product of Bayer Leverkusen's academy, Bulut joined Schalke determined to find first-team football - and has done just that.
His rapid development has seen his market value skyrocket from 250,000 euros to 5 million euros over the course of the season.
Despite Schalke's hopes of keeping the Germany U19 international, a summer move looks increasingly likely. Bulut's contract includes a 6-million-euro release clause, a figure several suitors appear ready to meet or exceed.
Bundesliga outfits Stuttgart and Freiburg are both monitoring the situation closely. Freiburg, in particular, are understood to be willing to offer up to 8 million euros should they secure Champions League qualification.
Interest extends beyond Germany as well. Italian side Atalanta were linked with Bulut in January, and Austrian champions RB Salzburg remain keen.
Sebastian Kehl has moved quickly to defend Jobe Bellingham after the Borussia Dortmund midfielder was sent off in a 1-1 Bundesliga draw away to SC Freiburg, a decision that proved a major turning point in the match.
Bayern Munich, Borussia Dortmund and VfB Stuttgart were all in action in a dramatic Bundesliga Sunday that delivered dropped points at the top, a late rescue act in the Black Forest and a ruthless display in Bremen.
Saturday's Bundesliga action proved to be another goal-fest, with none of the fixtures ending in a draw and only two of the ten team's teams failing to score.
Ole Werner said experience made the difference after RB Leipzig were beaten 3-1 by Union Berlin in Friday's Bundesliga clash at the Stadion An der Alten Forsterei, with all four goals coming in a dramatic second half.
