Bailey, who turns 31 next week and made over 450 appearances, was recently released by the Pitmen having returned to Keys Park for a third spell from JD Cymru Premier side Newtown in December 2018.
Originally a member of the highly successful youth system at Hednesford, he moved onto AFC Telford United in May 2016 before returning to the Pitmen a year later before signing for Newtown in July 2018.
Bailey will be having a testimonial game at the Keys Park to celebrate his service to the club at a date to be arranged between the end of the current season and beginning of the next season.
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