The Australian skipper has taken 309 wickets in 71 five-day games with an average of 22.10.
Australia's chair of selectors Bailey has confirmed that captain Pat Cummins will play a "major part" in this winter's Ashes series.
Rumors had circulated that Cummins might miss the series due to a stress fracture in his back that was still troubling him.
Earlier indications from the squad suggested no final decision had been made regarding his involvement, with the Test matches set to start on 21 November in Perth.
He revealed that Cummins is "building up" and was "optimistic" about the prospects of taking part.
"We know that time is getting short and there are permutations involved, not just the back issue, but further aspects," Bailey remarked.
"We're encouraged. We firmly believe that he's going to play a key capacity. Hopefully starting in Perth. Otherwise, then we'll pick it up."
Previous Setbacks
He was sidelined Australia's limited-overs series against both Asian and Trans-Tasman rivals recently after scans revealed a stress reaction in his back.
Previous incidents include of back injuries, with recurrences in 2012-13, 2013-14 and 2015-16 forcing him out of three Australian summers in a limited period.
The bowler mentioned he would be proactive in his approach in his rehabilitation process to ensure his availability for the Ashes.
He mentioned that there was no confirmation if the captain had resumed bowling as part of his comeback but conceded it was "pressing" for him to regain fitness for the opener.
Backup Options
In case of absence, veteran batsman Smith will take over the captaincy.
The talented all-rounder was recently pulled out from the ODI lineup for their limited-overs matches against India as a safety move because of an abdominal issue.
He labeled it as a "slight concern and mentioned that Green will play in the Sheffield Shield, so will be "well-prepared to deliver overs."
"Extensive planning has gone into creating the schedule for him to take part for the first Test as an batting and bowling option," Bailey explained.
"He was only going to play the first two ODIs in any case. How he handles the cricket bat in white-ball cricket, even if it just sets him back for a short period, we opted to approach this more conservatively."
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