Belluschi began playing professionally at
Newell's Old Boys in 2002, with whom he won the 2004 Apertura Championship. He moved to
River Plate in 2006 and with the departure of
Marcelo Gallardo to
Paris Saint-Germain following the
2006 Apertura, he was named team captain, a position he would fill for two years. He then joined
Olympiacos for reported €6.5 million in early 2008. for €5 million. The other 50% was owned by private investment company
Rio Football Services Ltd. He signed a contract until 2013 with a release clause of €30 million. In summer 2012, Porto sold its 50% ownership of his economic rights for €1.05 million. On 10 July 2015,
Cruz Azul signed Belluschi on a free transfer. His salary was set at €1.1 million. He debuted for the side as a substitute in the 61st minute for an injured
Marc Crosas in the
Clasico Joven. He did not receive his international pass until the
Clasico Joven, which was why he did not participate in any league matches up to that point. He failed to score for Cruz Azul, having a penalty saved by
Atlas goalkeeper
Miguel Ángel Fraga on matchday 11. On 26 January 2016,
San Lorenzo signed the then-32-year-old Belluschi on a free transfer. ==Career statistics==