The fighters will clash at Wembley Stadium on July 19 in a heavyweight unification bout and the former boxer thinks Dubois deserves huge credit for stepping into the ring against the Ukrainian once again after losing to his rival in 2023.
Bellew, who was beaten by Usyk in his final fight before retirement in 2018, told Sky Sports: "I give Daniel all the credit in the world for going back in with him, because if I was offered to go back in with Usyk I'd run a mile.
"Dubois is a fighter who has come on leaps and bounds. I wish him the best of luck and tip my hat to him, because anyone who goes in with Usyk more than once deserves a medal - Tyson Fury, Anthony Joshua and now Daniel Dubois."
Dubois will bid to become Britain's first undisputed heavyweight world champion since Lennox Lewis in 1999 and Bellew believes that the pugilist has a "real chance" of avenging his loss two years ago.
The former cruiserweight world champion said: "Daniel is a very good fighter, he has shown he can overcome trials and tribulations.
"He's in with a real chance in this fight. I don't think he's going to win but I give him a big puncher's chance.
"If he doesn't let Usyk frustrate him, he's in the fight, but it's going to be a really difficult start for him because Usyk will know his strengths and powers, and let's be honest, he also knows his weaknesses because he has been in the ring with him before."
Meanwhile, Bellew still believes that a much-hyped fight between British heavyweights Anthony Joshua and Tyson Fury can be made despite the uncertainty surrounding the latter's retirement from boxing.
He said: "I don't think time ever runs out for fighters of their magnitude.
"It didn't run out for Floyd Mayweather or Manny Pacquiao, so it's not going to run out for Anthony Joshua or Tyson Fury.
"We need to see it. It won't sit right with both fighters in 10, 15 years' time. I hope we do see it but both of them are going to go down as British boxing legends either way."