The moves were made on Wednesday, a day before Buffalo travels to play at Philadelphia.
Girgensons did not play in a 7-4 loss to Florida on Tuesday night after sustaining an upper body injury in a 2-1 overtime loss at Boston on Saturday.
Bailey is a Buffalo-area native and has yet to play in an NHL game since being selected by the Sabres in the second round of the 2013 draft. His 10 goals in 47 games rank second and 23 points rank fourth among AHL Rochester players this season.
Bailey is also enjoying a stretch in which he has five goals and six assists in his past eight games.