The trio will now remain at Deepdale until June 2014, keeping them at the club throughout next season.
"I am delighted we have extended the contracts of Bailey, Will and Jeffrey and I am sure they are delighted as well," manager Simon Grayson told the club's official website.
"They have all contributed to the football club over the season. Bailey has been outstanding since we arrived - he and Paul Huntington have formed a really strong relationship and contributed to very few goals conceded.
"Will has been a revelation with his performances and the goals he has scored from the wide areas and Jeffrey has affected the games over the last few weeks."
Preston currently lie in 14th place in League One with three games remaining.