Bailey said he hopes to return to action at San Diego on Nov. 10 following the Broncos' bye. "That gives me a couple of weeks to get right," Bailey said.
He added that his latest sprain was only "a minor setback but it's definitely a setback."
The 35-year-old cornerback, whose dozen Pro Bowl selections are the most by a defensive back in NFL history, has played just six quarters this season.
"It's very frustrating because we're talking about my feet, and I want to be able to play but I also want to be able to walk in the future," Bailey said. "So, I've just got to make sure I take care of them and not make it any worse than what it is."
Even though he won't be suited up, Bailey said he's excited to see his former coach who famously traded for him in 2004 when he sent running back Clinton Portis to Washington.
Bailey is one of five Broncos still on the roster from the Shanahan era. Other members of that exclusive club are: middle linebacker Wesley Woodyard, left tackle Ryan Clady (who's on IR), kicker Matt Prater, and right guard Chris Kuper.
Shanahan was fired in 2009, a day that took Denver by surprise because he'd been dubbed "coach for life" by team owner Pat Bowlen.
"It definitely was a sad day here to see your head coach get fired, but it comes with the territory," Bailey said. "It's just how this business is. Normally people don't last 14 years in one place."
Bailey, Prater and Woodyard all said they owed Shanahan a debt of gratitude for bringing them to Denver.