Melbourne's number one draft pick in 2009 has delayed contract talks with his club, giving rise to conjecture that GWS will lure Scully with a lucrative deal.
Collingwood president Eddie McGuire joined the rumour mill on Wednesday morning, declaring on his breakfast radio show that Scully had signed.
"The tom-toms are beating very strong that the deal is done," McGuire said.
"In the old days on The Footy Show, I might have been rubbing my hands saying we've got the biggest story of the year."
Bailey wouldn't buy into the speculation and declared it wouldn't distract the club from doing its job out on the field.
"As far as Tom's contract is concerned, the club will deal with that but we're certainly not going to speculate or add any fuel to the fire," Bailey said on Wednesday.
"It's just speculation. It's unfounded until I'm told otherwise. The speculation will continue and I'm sure that's part of all your jobs to speculate and provide some innuendo but it's not going to distract us from what we're about."
Speculation was rife for much of 2010 that Gary Ablett was set to leave Geelong for Gold Coast, a move that did eventuate.
It was a story that played out all season, and Bailey expects it will be a decision that plays on Scully's mind for most of the year unless his intentions are made clear.
"Tommy is one of many young men we've got at the club who've got a great opportunity at the Melbourne footy club," Bailey said.
"He'll battle that from a week-to-week basis but we think he's an important player for us."
If the 19-year-old was to join GWS, Bailey said it would be unfortunate to lose a player the club had put a lot of time and effort into developing.
"I think losing anyone is going to be disappointing," Bailey said.
"We'll be fighting to ensure that we keep the nucleus of the players that we've drafted and the players who have been on our list as well. Guys like Nathan Jones, Brad Green, Jared Rivers and Aaron Davey, all those players are super important to us as well.
"We've got a whole list to manage so Tom's one of many but we think we've got a pretty good nucleus of young men that we think are going to take the club forward."
Fortunately for Melbourne, Jack Trengove has already signed a contract extension that will keep him out of reach of GWS.
As happened last year with the Gold Coast, Scully will be one of several players linked to GWS as the season progresses and Bailey said it's something the club can't control.
"I'm sure Greater Western Sydney have a whole host of names up there so in the next week or the next two weeks there will be another player's name mentioned and it will continue," Bailey said.
"We can only control what we can do at Melbourne and that is playing footy and ensuring that Friday night is a really good hit-out for us."
Melbourne kicks off the 2011 NAB Cup on Friday at AAMI Stadium along with the Adelaide Crows and Port Adelaide.
