Bailey, 20, joined the Lilywhites in March 2023, and has made 30 appearances for the club.
The athletic striker began his career with Port Vale at the age of eight.
He made his professional debut in 2021 when he came on as a substitute in a 2-1 defeat to Sunderland in the EFL Cup.
After a loan spell with Newcastle Town, Bailey was released from the then-League Two club where he subsequently joined National League side Altrincham.
The young forward was sent on loan to Hanley Town upon his arrival at the Robins, before enjoying another short-term spell at Mossley where he joined permanently upon his release from Altrincham at the end of the 2022/23 season.
Bailey will go into contention to make his debut for Clitheroe in their next fixture at home to Chasetown in the Northern Premier League.
Photo credit: Port Vale FC
Keep up-to-date with our exclusive email newsletters.
Subscribe