Cricket Scotland chief executive Roddy Smith said: "I talk to George frequently and he knows our position. George is a fantastic player and we will wait to hear what his plans are before taking any decisions."
Bailey has captained Australia A but has failed to force his way into the Ashes series. However, his performances for the Saltires last season caught the eye of several county sides, who could make a move.
Forfarshire pace bowler Matty Parker is in line to earn a Saltires contract. The Scots want to increase their quota of home-grown pros to four and Parker, 20, who made a major impact last season, could be offered terms.