The Australian skipper has claimed 309 wickets in 71 five-day games with an stellar bowling average.
The Australian chair of selectors the selector has declared that captain Pat Cummins will be a central figure in this winter's England-Australia contest.
Speculation had been growing that the 32-year-old might sit out due to a ongoing back issue that was still troubling him.
Earlier indications from the Australian camp suggested no final decision had been made regarding his involvement, with the Test matches set to start on 21 November in the WACA.
He revealed that the captain is progressing and was "optimistic" about the prospects of being involved.
"We're aware that the window is narrowing and various factors involved, aside from the back issue, but additional elements," the selector added.
"The outlook is good. We firmly believe that he will feature a significant role. Ideally starting in Perth. If not, then we'll pick it up."
Previous Setbacks
He was sidelined the ODI and T20 games against New Zealand and India last month after scans revealed a lumbar bone stress.
He has a history of recurring issues, with recurrences in several earlier campaigns leading to absences from multiple domestic campaigns in a limited period.
Cummins stated he would be proactive in his approach in his rehabilitation process to ensure his availability for the series.
Bailey noted that there was no confirmation if he had started his bowling workouts as part of his recovery but conceded it was "pressing" for him to be fit for the initial match.
Alternative Arrangements
In case of absence, ex-skipper Smith will lead the side.
All-rounder Cameron Green was recently pulled out from Australia's squad for their ODI contests against the subcontinent side as a preventive step because of soreness in his side.
The selector characterized it as a "small issue and mentioned that Green will play in the state-level matches, so will be "well-prepared to deliver overs."
"Considerable effort has gone into building out the plan for him to participate for the initial game as an dual-role player," the selector detailed.
"Originally, he'd only feature in the starting games anyway. How he handles the bat in limited-overs, if it causes any delay for 24 more hours, the choice was made to adopt a safer strategy."
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