The Australian skipper has secured 309 wickets in 71 Test matches with an average of 22.10.
Australia's chief selector Bailey has confirmed that captain Pat Cummins will have a crucial role in this winter's Ashes series.
There were concerns that the 32-year-old might sit out due to a stress fracture in his back that was still troubling him.
Previous updates from the Australian camp suggested no official announcement had been made regarding his involvement, with the five-Test series set to start on the 21st of November in the WACA.
He revealed that Cummins is "building up" and was "optimistic" about the prospects of taking part.
"We know that time is getting short and multiple considerations at play, aside from the physical problem, but further aspects," the selector added.
"It's positive. There's strong faith that he'll participate in a significant role. Hopefully from the opening match. Otherwise, we'll adjust."
Past Concerns
Cummins was ruled out the white-ball matches against New Zealand and India in the previous weeks after medical tests showed a lumbar bone stress.
Previous incidents include of spinal problems, with setbacks in several earlier campaigns forcing him out of several home seasons in a limited period.
He emphasized he would be proactive in his approach in his comeback strategy to make the squad for the Ashes.
Bailey noted that there was no confirmation if he had started his bowling workouts as part of his rehabilitation but admitted it was "becoming urgent" for him to recover fully for the first Test.
Contingency Plans
In case of absence, ex-skipper Smith will assume leadership.
Versatile player Green was recently pulled out from the national team for their one-day international series against India as a precautionary measure because of discomfort in his torso.
The selector characterized it as a "minor" injury and confirmed that he's scheduled to appear in the state-level matches, so will be "ideally positioned to resume bowling."
"Considerable effort has gone into creating the schedule for him to be available for the opening match as an batting and bowling option," Bailey explained.
"He was only going to play the first two ODIs in any case. The way he swings the bat in limited-overs, even if it just sets him back for 24 more hours, the choice was made to approach this more conservatively."
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