The Italian was charged on December 22 following an incident in the 1-1 Sky Bet Championship draw on October 21, where he was alleged to have directed a racial insult at Jerome.
But an independent regulatory commission dropped the case at a personal hearing on Friday after Bellusci denied the charge.
Bellusci refuted claims of using racist language from the off, but the Canaries fully support Jerome's version of events.
A club statement read: "Norwich City is deeply disappointed by the 'not proven' verdict from the independent regulatory commission appointed to investigate allegations of a racist comment by Leeds defender Giuseppe Bellusci towards Cameron Jerome, during our Sky Bet Championship match at Carrow Road on October 21.
"In its verdict, the commission commented that Cameron Jerome was a truthful and honest witness throughout the long investigation into the incident.
"Norwich City fully supports Cameron, who genuinely believed he was on the receiving end of unacceptable language on the field of play, reported it in the correct manner to the match officials and has conducted himself with dignity throughout the months since the incident.
"This weekend's game against Blackpool is our annual 'Kick It Out' game, in which we will once again highlight our determination to combat discrimination in all its guises on and off the pitch.
"The club was proud to have been awarded the Kick It Out Preliminary Standard earlier this season and will continue to work with KIO and other relevant organisations to maintain and promote our zero-tolerance stance on racism.
"As part of this on-going commitment, the club would certainly urge players at all levels of the game to report unacceptable language used to them on or off the pitch via the appropriate channels, as Cameron has done in this instance."
Jerome is pleased his credibility as a witness has been verified by the commission and stands by what he heard.
He added: "I heard a comment made to me which was totally unacceptable during the game against Leeds and I reported it straight away to the referee.
"I'm glad the commission has said that they believe I truthfully reported what I genuinely believe I heard.
"While I'm obviously disappointed with the not proven verdict, now I'm just focusing as always on my next game for Norwich City.
"But I will always continue to report anything unacceptable I hear said to me on or off the pitch and I would certainly encourage any other players in a similar situation to do so as well.
"We must stand up together to eradicate these problems from our game and our society."
Source : PA
Source: PA