Bailey suffered the injury against the Oakland Raiders in Week 1.
The 33-year-old Bailey did not play last Sunday in a 24-22 win against Cincinnati. The 10-time Pro Bowl selection had five tackles against the Raiders in a 23-20 loss.
In addition, wide receiver Brandon Lloyd (groin) participated in a full Thursday practice after being limited on Wednesday. Defensive end Elvis Dumervil (shoulder), running back Knowshon Moreno (hamstring) and linebacker D.J. Williams (elbow) were all limited in practice for a second straight day. All four missed Sunday's contest against the Bengals.