The famous snapper, who first appeared in commercials for the camera brand in the 80s, has also directed the latest campaign, which is aimed at making professional photography accessible to everyone.
The ads play on the idea that if you can't have Bailey, then the Olympus Mju 400 Digital is the next best thing.
In the first execution, called "present", a woman tries to wrap a non-plussed Bailey in Christmas paper in order to give him to someone as a present while a jazzed-up version of Jingle Bells plays in the background.
As she becomes frustrated with the task, the voiceover says: "Because you can't give someone David Bailey for Christmas, Olympus created the new 400 Digital."
The endline reads: "Professional photos without the professional. Olympus. Your vision our future."
In "suitcase" there is an unsuccessful attempt to stuff Bailey into a case so he can be taken on holiday.
The campaign breaks on 1 December during Between the Sheets on ITV1.
Other planned slots are during the Champions League, Pop Idol, The Osbournes and Britain's Worst Celebrity Driver.
The ads were art directed and written by Richard Littler and Zac Ellis.
The production company was Studio.
Media planning and buying was through Initiative Media.
Jeremy Bowles, the managing director of Lowe, said: "There is so much affection for the Bailey and Olympus ads that it's great to be doing a new series. The reassuring link between David Bailey and Olympus remains as powerful as ever."
Olympus is renowned for using celebrities in its ads. Earlier this year, the actress Catherine Zeta Jones featured in a one-off press ad after the verdict in her court case against Hello! magazine.