Axelrod will make his first big league start since last September when he takes mound Saturday against the Colorado Rockies.
Cincinnati also transferred first baseman Joey Votto (left knee) to the 60-day DL. He will be eligible to be reinstated on Sept. 4.
Manager Bryan Price said earlier this week that Bailey thought he hurt his elbow while batting in his last start on Aug. 7. The veteran pitcher recently threw a light bullpen session, but he didn't feel any better.
Bailey had an MRI, which revealed a flexor mass strain in his elbow.