Once on the books of Fulham, he played non-league football for Sutton United as a teenager before helping Barnet win promotion into the Football League in 2005.
Bailey joined Charlton during the summer of 2008, suffering relegation in his first season with the club despite scoring 13 goals from midfield.
He scored a further 12 last term as Charlton missed out on promotion after losing out to Swindon in the play-offs.
In all, Bailey has scored 51 goals in 221 Football League games for Barnet, Southend and Charlton.
However, his departure looks to have been sealed after the cash-strapped Addicks, who were relegated from the Championship at the end of the 2008/09 season, failed to secure an instant return to English football's second tier.
Highly-rated midfielder Jonjo Shelvey departed Charlton for Liverpool before the end of the season, while the club have also let six players leave.
Bailey was named in the League One team of the year by his fellow professionals alongside Charlton full-back Frazer Richardson.
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