Pat Cummins has taken 309 Test scalps in 71 five-day games with an stellar bowling average.
Australia's chair of selectors Bailey has stated that skipper Cummins will be a central figure in this winter's Ashes series.
There were concerns that the veteran bowler might miss the series due to a persistent back stress problem that was still troubling him.
Initial reports from team management suggested no final decision had been made regarding his involvement, with the Test matches kicking off on 21 November in the WACA.
Bailey expressed that the captain is progressing and was "optimistic" about his chances of taking part.
"We're aware that the window is narrowing and various factors at play, not only the back issue, but other factors as well," he commented.
"It's positive. There's strong faith that he will feature a significant role. Ideally starting in Perth. Should that not happen, we'll reassess."
Previous Setbacks
He was sidelined the white-ball matches against New Zealand and India recently after examinations confirmed a stress reaction in his back.
There is a track record of recurring issues, with flare-ups in multiple past seasons causing him to miss three Australian summers in a limited period.
Cummins stated he would be ""aggressive" and "take risks" in his comeback strategy to ensure his availability for the Ashes.
He mentioned that he did not know if the captain had resumed bowling as part of his comeback but admitted it was "getting tight" for him to be fit for the first Test.
Backup Options
In case of absence, former captain Steve Smith will take over the captaincy.
The talented all-rounder was withdrawn recently from the national team for their limited-overs matches against the Asian giants as a preventive step because of an abdominal issue.
Bailey described it as a "small issue and stated that Green will play in the state-level matches, so will be "in a good place to resume bowling."
"We put so much time has gone into developing the strategy for him to participate for the initial game as an batting and bowling option," Bailey explained.
"His involvement was limited to the initial matches regardless. The way he swings the cricket bat in white-ball cricket, even if it just sets him back for a short period, the choice was made to approach this more conservatively."
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