The pace bowler has claimed 309 Test scalps in 71 five-day games with an stellar bowling average.
The Australian chair of selectors Bailey has stated that skipper Cummins will play a "major part" in this winter's England-Australia contest.
Rumors had circulated that the veteran bowler might be unavailable due to a stress fracture in his back that was still troubling him.
Earlier indications from the squad suggested no official announcement had been made regarding whether he would play, with the extended contest kicking off on 21 November in Western Australia.
Bailey expressed that his recovery is on track and felt positive about the prospects of being involved.
"We know that time is getting short and various factors around that, not just his injury, but additional elements," the selector added.
"It's positive. We firmly believe that he's going to play a significant role. Ideally from the opening match. If not, we'll reassess."
Past Concerns
He was sidelined the ODI and T20 games against New Zealand and India in the previous weeks after medical tests showed a lower back issue.
He has a history of recurring issues, with flare-ups in several earlier campaigns leading to absences from three Australian summers in four years.
Cummins stated he would be proactive in his approach in his recovery plan to make the squad for the series.
The selector indicated that there was no confirmation if the captain had resumed bowling as part of his comeback but conceded it was "becoming urgent" for him to be fit for the initial match.
Backup Options
In case of absence, veteran batsman Smith will take over the captaincy.
Versatile player Green was recently pulled out from the national team for their ODI contests against India as a precautionary measure because of soreness in his side.
Bailey described it as a "minor" injury and mentioned that he's scheduled to appear in the Sheffield Shield, so will be "well-prepared to be ready to bowl."
"Extensive planning has gone into developing the strategy for him to take part for the first Test as an dual-role player," Bailey explained.
"He was only going to play the first two ODIs regardless. How he handles the bat in limited-overs, should it hinder progress for 24 more hours, the choice was made to take a cautious route."
Series Schedule
The Historic Rivalry
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