Bailey missed the opening game of the season for his side with a foot injury and is expected to miss their clash against the New York Giants on Sunday as well.
"No setback, he's on schedule. He's making great progress," Fox told the club's official website. "He's being watched over by the medical staff and he's getting closer."
The Broncos opened their season with a 49-27 victory over the current Super Bowl champions the Baltimore Ravens.