The Vikings released Bailey on Tuesday, Andrew Krammer of the Minneapolis Star Tribune reports.
Bailey could face job competition from Greg Joseph, who signed with the Vikings on Tuesday, Chris Tomasson of the St. Paul Pioneer Press reports.
Bailey made 15 of 22 field-goal attempts and 37 of 43 extra points during the 2020 season.
Bailey (back) is active for Sunday's game against the Lions.
Bailey (back) submitted a limited practice session Friday, and he is considered questionable heading into Sunday's game at Detroit.
Bailey (back) didn't participate in Thursday's practice.
Bailey (back) didn't practice Wednesday.
Bailey made three of four extra-point attempts in Friday's 52-33 loss to the Saints.
Bailey connected on two field-goal attempts and three extra-point tries in Sunday's 33-27 loss to the Bears.
Bailey missed three field-goal attempts and his lone extra-point try in Sunday's 26-14 loss to the Buccaneers.