The Australian skipper has claimed 309 Test scalps in 71 appearances with an impressive average.
Australia's selection chief Bailey has stated that captain Pat Cummins will have a crucial role in the upcoming Ashes series.
There were concerns that the veteran bowler might be unavailable due to a stress fracture in his back that was still troubling him.
Earlier indications from team management suggested no official announcement had been made regarding Cummins' participation, with the extended contest set to start on November 21 in the WACA.
Bailey expressed that his recovery is on track and felt positive about his chances of being involved.
"It's clear that time is getting short and there are permutations at play, not just the physical problem, but additional elements," the selector added.
"The outlook is good. We firmly believe that he's going to play a key capacity. With luck from the opening match. If not, then we'll pick it up."
Past Concerns
He was sidelined Australia's limited-overs series against India and New Zealand last month after scans revealed a lumbar bone stress.
Previous incidents include of back injuries, with recurrences in several earlier campaigns forcing him out of three Australian summers in a limited period.
He emphasized he would be ""aggressive" and "take risks" in his recovery plan to make the squad for the Ashes.
Bailey noted that there was no confirmation if Cummins had begun bowling as part of his recovery but admitted it was "pressing" for him to recover fully for the initial match.
Alternative Arrangements
Should Cummins not be fit, veteran batsman Smith will lead the side.
Versatile player Green was excluded lately from the national team for their limited-overs matches against the Asian giants as a preventive step because of discomfort in his torso.
Bailey described it as a "slight concern and stated that he'll feature in the Sheffield Shield, so will be "in a good place to resume bowling."
"We put so much time has gone into building out the plan for him to participate for the opening match as an batting and bowling option," the selector detailed.
"He was only going to play the first two ODIs anyway. His aggressive style the willow in shorter formats, if it causes any delay for a short period, we opted to approach this more conservatively."
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