The 25-year-old will line up with the Hawks' VFL affiliate Box Hill either this weekend or next.
It will be his first match since having wrist surgery on the eve of the home and away season.
Bailey played 16 of the last 18 games in 2011, after three knee reconstructions restricted him to only six games in his first five years on Hawthorn's list.
The talented big man has maintained a remarkably positive attitude through his latest setback, which came just as his career was gathering momentum.
"If you get caught in that self-pity cycle, it's not real healthy," Bailey told hawthornfc.com.au this week.
"I'm still pretty fortunate to be here, so I'm enjoying it.
"It's a good club to be at, and I'll get my turn eventually."
Bailey initially hoped to be out for only eight to 10 weeks when he aggravated the wrist against Melbourne in the NAB Cup.
He'd previously had a pin inserted to fix the scaphoid bone he broke in the 2011 preliminary final loss to Collingwood.
"Early on it kind of wasn't too bad - I thought it might only be half a season," Bailey said.
"But it's sort of dragged on a little bit, and that's been pretty frustrating, especially seeing the way the guys are going now.
"It would be much better to be out there, but I'll still get some good games in."
Years of rehab experience have taught the West Australian not to set a specific date for a return to Hawthorn's senior team.
He has completed a strong running program during recovery, but knows there's no fitness like match fitness.
"The rest of the guys have got 14-odd weeks on me in terms of match fitness and skills and all that stuff, so I've got to get used to that again," he said.
"Hopefully it won't take me too long [to get back in senior-level touch], but I've learned over the last few years not to set goals like that, because when they don't turn out you feel pretty crap about yourself.
"So when, or if, they decide to put me in, I'll be happy whenever that is."
The 'if' is an intriguing one. It's not yet known how Bailey fits into the Hawks' plans.
The ruck combination of David Hale and Jarryd Roughead has been working well, and Roughead admitted on Monday that he'd prefer not to return to a permanent forward role.
"They've both been playing pretty well, and we haven't played in the same team, David, Jarryd and myself, at all yet, so it'll be interesting to see how the dynamic works," Bailey said.
"Hopefully there's a spot for me; maybe Jarryd can go down back," he joked.
Roughead himself was confident Bailey could be an added weapon approaching September.
"It'll be interesting to see what the coaches do with it," Roughead said on Monday.
"But knowing the performances that Max put in last year, it'll be good for us to have him in our back pocket knowing that he can play ruck, which might allow myself or 'Haley' to go forward.
"But I suppose we've got three or four weeks to try and work that out, and see what happens from there."
Bailey's imminent return is some good news for Hawthorn in a forgettable week on the injury front.
Forward Lance Franklin has torn his hamstring and captain Luke Hodge has had a setback in his recovery from a PCL strain.
Both will be sidelined for the next two to three weeks.
Mark Macgugan covers Hawks news for hawthornfc.com.au. Twitter: @AFL_MarkM.
RELATED
Jarryd Roughead says the Hawks are building towards a big month of football in which they take on Collingwood, Essendon and Geelong. Jarryd Roughead says he and David Hale continue to build a good relationship with the Hawks midfielders.
