Bailey sustained two gunshot wounds to the head in November, and was seen running routes just five months later, in spite of previous concern that his NFL career could be over as a result of the shooting.
Bailey has still not been officially cleared to return to football activity, but he had been attending OTAs to assist the other Rams receivers.
If Bailey clears waivers, he will be placed on the non-football injury list, after which the Rams would like to retain him in some capacity, ESPN reports.
Bailey, 25, has played three seasons with the Rams after being selected in the third round of the 2013 NFL draft. In 38 games, eight of which were starts, he has made 59 receptions with two touchdowns.