The pace bowler has secured over 300 dismissals in 71 appearances with an average of 22.10.
Australia's chair of selectors Bailey has confirmed that captain Pat Cummins will play a "major part" in the forthcoming England-Australia contest.
Rumors had circulated that the 32-year-old might miss the series due to a stress fracture in his back that had not yet healed.
Earlier indications from the Australian camp suggested no definitive call had been made regarding his involvement, with the Test matches kicking off on November 21 in Perth.
Bailey expressed that Cummins is "building up" and remained hopeful about his chances of participating.
"It's clear that the window is narrowing and there are permutations involved, not only the back issue, but other factors as well," he commented.
"The outlook is good. [We are] really confident that he'll participate in a significant role. With luck starting in Perth. Should that not happen, we'll adjust."
Past Concerns
The captain missed Australia's limited-overs series against New Zealand and India in the previous weeks after examinations confirmed a lumbar bone stress.
He has a history of recurring issues, with recurrences in several earlier campaigns leading to absences from three Australian summers in four years.
He emphasized he would be ""aggressive" and "take risks" in his rehabilitation process to secure his spot for the contest.
The selector indicated that there was no confirmation if Cummins had begun bowling as part of his rehabilitation but acknowledged it was "getting tight" for him to regain fitness for the opener.
Alternative Arrangements
In case of absence, veteran batsman Smith will take over the captaincy.
All-rounder Cameron Green was excluded lately from the national team for their limited-overs matches against the Asian giants as a precautionary measure because of an abdominal issue.
Bailey described it as a "slight concern and mentioned that he's scheduled to appear in the state-level matches, so will be "ideally positioned to deliver overs."
"Extensive planning has gone into developing the strategy for him to participate for the initial game as an dual-role player," Bailey explained.
"Originally, he'd only feature in the first two ODIs in any case. The way he swings the bat in limited-overs, if it causes any delay for a short period, we just made the decision to take a cautious route."
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