Bolt has the required determination to follow his dream and become a professional footballer, according to Bailey.
Bolt, an eight-time Olympic champion during a glittering sprint career, spent two days training with Borussia Dortmund last month.
BVB coach Peter Stoger indicated Bolt has work to do before he will be ready to sign a professional deal, but Bailey backed his fellow Jamaican to earn a contract.
"I spoke to him [Bolt] and he said that it was good," Bayer Leverkusen star Bailey told the Bundesliga website.
"He enjoyed the training, but, of course, he was unfit. It was more about having someone there to help him.
"He wants to do whatever it takes to become a pro – he really wants to make it happen.
"You never know what the future brings. He's a champion and became one as his coaches taught him well. If that happens again, I don't see why not."
Bolt has said he will return to Dortmund for a longer period of training, while the 31-year-old - a Manchester United supporter - is among the stars set to be on show at June's Soccer Aid charity match at Old Trafford.
Get the best features, fun and footballing frolics straight to your inbox every week.