Bayliff met with team manager Patrick Lefevere in Paris on Sunday as the Tour de France concluded to begin discussions.
As things stand, Cavendish is still without a contract for 2016 – as are team-mates Rigoberto Uran and Tom Boonen
World champion Michal Kwiatkowski, meanwhile, is set to depart for Team Sky at the end of the season.
"I met with Mark’s agent on Sunday and we had a good conversation,” Lefevere told Cyclingnews.
“He’ll go back to Mark with it and then we’ll see what happens. I explained my view and Simon explained theirs. This week nothing will happen because Mark rides in London and I’m away for a few days but don’t forget that three years ago when Mark signed for us we didn’t sign anything until September. I think the press is more nervous about the situation than I am.”
Negototions revolve around a number of factors, with salary being just one of those.
“[Negotiations] depend about the conditions," Lefevere added. It’s about the whole picture, his ambitions, ours, how long we work together. We’re not talking about a rider who will ride for 50,000 Euro, we’re talking about a big star, so negotiations aren’t completed in fifteen minutes.”
Cavendish, who has won three Tour de France stages since joining Etixx-QuickStep, has been linked with several rival teams in recent months, including MTN-Qhubeka, BMC and Trek Factory Racing.