The 23-year-old spent last season on loan at eventual League One champions Wigan Athletic, but he only made six league starts under Leam Richardson.
Bayliss signed for North End from Coventry City in the summer of 2019, for a fee of just under £2 million according to Transfermarkt, but things have not gone to plan for both parties and a mutual contract termination appears to be beneficial.
The former England U19 international’s contract at Deepdale was set to run until the summer of 2023, but with an array of midfield options at Ryan Lowe’s disposal this pre-season, any first team opportunities looked unlikely for Bayliss.
Shrewsbury Town were battling away in the bottom half of the third tier for the vast majority of the 2021/22 campaign, however they did pull themselves away from the relegation conversation quite comfortably in the end.
It will be interesting to see where Bayliss fits in Steve Cotterill’s dynamic midfield contingent at New Meadow.
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This is a classy touch from North End, with negotiations set to be a lot simpler in Bayliss’ next move, now effectively a free agent.
The chances are that the Shrews will not be able to offer a financial package to the 23-year-old that matches what he was receiving at Deepdale, however that is a positive for the buying club, knowing that Bayliss’ priority is to secure regular first team football next season.
Bayliss has not been a regular starter anywhere in the last three seasons, therefore patience may be required from supporters, but at this stage of his career there is no reason to suggest that Bayliss will not earn a move to the second tier again.