Bayliss has been retired for seven years, however, the 45-year-old will be riding for Ducati at Phillip Island in the first race of the season after Giugliano injured his back while testing.
The Australian says he feels bad for Giugliano, but he is confident he can do justice to the bike.
Bayliss said: "I want to start by saying that I really feel for Davide and that it's a real shame for his season to be starting in this way.
"The desire to be able to return to the track and see the home crowd and the Ducatisti has always been strong, ever since I last raced.
"Also Phillip Island, one of my favourite tracks, is celebrating its 25th anniversary of World Superbikes. This gave me the idea to compete as a wildcard and work with the Ducati Superbike technicians once again.
"I know it’s going to be a very difficult weekend, also because it's a while since I've ridden the Superbike but I do know the track well and so hope to get back into it after a few laps.
"I'll try to enjoy myself and will of course be doing my best to score a good result and put on a good show for the public."