The pace bowler has secured 309 Test scalps in 71 appearances with an stellar bowling average.
Australia's chair of selectors Bailey has stated that captain Pat Cummins will be a central figure in the upcoming England-Australia contest.
Rumors had circulated that Cummins might miss the series due to a ongoing back issue that had not yet healed.
Initial reports from the squad suggested no official announcement had been made regarding his involvement, with the Test matches scheduled to begin on 21 November in Perth.
The selector shared that his recovery is on track and was "optimistic" about the prospects of being involved.
"We're aware that the clock is ticking and various factors involved, not just his injury, but further aspects," he commented.
"We're encouraged. There's strong faith that he will feature a major part. With luck it's the first Test. If not, then we'll pick it up."
Past Concerns
The captain missed the ODI and T20 games against India and New Zealand in the previous weeks after medical tests showed a stress reaction in his back.
There is a track record of back injuries, with setbacks in several earlier campaigns causing him to miss three Australian summers in a limited period.
The bowler mentioned he would be bold in recovery efforts in his rehabilitation process to ensure his availability for the series.
Bailey noted that he did not know if Cummins had begun bowling as part of his comeback but conceded it was "getting tight" for him to be fit for the first Test.
Backup Options
Should Cummins not be fit, veteran batsman Smith will take over the captaincy.
All-rounder Cameron Green was excluded lately from the national team for their limited-overs matches against the Asian giants as a preventive step because of an abdominal issue.
The selector characterized it as a "small issue and mentioned that he's scheduled to appear in the state-level matches, so will be "well-prepared to deliver overs."
"Considerable effort has gone into developing the strategy for him to be available for the opening match as an batting and bowling option," the selector detailed.
"His involvement was limited to the initial matches regardless. How he handles the bat in limited-overs, even if it just sets him back for another day, we just made the decision to adopt a safer strategy."
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