The Australian skipper has secured over 300 dismissals in 71 five-day games with an average of 22.10.
Australia's chair of selectors Bailey has stated that captain Pat Cummins will play a "major part" in the forthcoming Ashes series.
Speculation had been growing that Cummins might sit out due to a persistent back stress problem that was still troubling him.
Initial reports from team management suggested no official announcement had been made regarding his involvement, with the Test matches set to start on 21 November in Western Australia.
He revealed that Cummins is "building up" and felt positive about the likelihood of participating.
"We know that time is getting short and multiple considerations at play, not only the physical problem, but other factors as well," Bailey remarked.
"We're encouraged. [We are] really confident that he'll participate in a major part. Ideally it's the first Test. Should that not happen, we'll reassess."
Previous Setbacks
The captain missed the ODI and T20 games against both Asian and Trans-Tasman rivals in the previous weeks after scans revealed a lumbar bone stress.
Previous incidents include of recurring issues, with setbacks in 2012-13, 2013-14 and 2015-16 forcing him out of three Australian summers in a short span.
The bowler mentioned he would be proactive in his approach 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 "becoming urgent" for him to regain fitness for the first Test.
Backup Options
Should Cummins not be fit, veteran batsman Smith will lead the side.
Versatile player Green was withdrawn recently from the national team for their ODI contests against India as a preventive step because of an abdominal issue.
Bailey described it as a "small issue and mentioned that Green will play in the Sheffield Shield, so will be "in a good place to be ready to bowl."
"Considerable effort has gone into developing the strategy for him to be available for the first Test as an all-rounder," he elaborated.
"His involvement was limited to the starting games in any case. His aggressive style the cricket bat in white-ball cricket, even if it just sets him back for 24 more hours, we opted to take a cautious route."
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