Bailey said that although he cannot wait to return to the field, he does not want to come back too early and risk worsening the injury.
"It's mainly my call because it's my foot and only I know how it feels," Bailey told the club's official website. "They're going to listen to me and I appreciate that from them. When I feel good, I'll be out there. When I feel like I can play and help my team, I'll be out there.
"I don't want to go out there and be half-stepping. This is the NFL. You can't go out there half-stepping and think you're going to get the job done."
Bailey has played for the Broncos since 2004.