Leverkusen moved back into the top three courtesy of a 2-0 home win over Borussia Mönchengladbach on Saturday, with Bailey returning to the starting line-up and making a telling contribution to Lucas Alario's opening goal.
"Hopefully we can come second, because of course first place is gone - Bayern have that, but second place is possible," Bailey said after the game. "Our hope is to qualify for Europe; that's our aim and that's what we're gonna do."
Watch: Bailey targets second-placed finish
Schalke currently occupy second place, with Leverkusen two points further back in third ahead of Borussia Dortmund's meeting with Eintracht Frankfurt - fourth and fifth respectively - on Sunday.
Sixth-in-the-table RB Leipzig are also vying for one of three automatic places in next season's UEFA Champions League group stage - four if you include Bayern - and will move level on points with Leverkusen if they beat VfB Stuttgart on Matchday 26.
A mouth-watering run of fixtures at the start of April could go a long way to deciding matters, with Leverkusen travelling to Leipzig and Dortmund either side of a crucial home game against Frankfurt on Matchday 30.
Watch: A tactical look at the brilliant Bailey
The Jamaican - who is yet to decide which country to pledge his allegiance to at international level - has been one of the stars of the season so far, registering nine goals and five assists in 22 Bundesliga outings, as well as two strikes in three outings in the domestic cup.
You can catch the wizard of Bayer in action against rock-bottom Cologne next weekend.