The 35-year-old has belied his advancing years this season, taking his goal tally to 28 goals in all competitions when netting in Sunday's 3-0 win at Sunderland.
"He has a great value amongst the team," Bailly told the Premier League.
"He brings us experience. His determination, he is very important to the team.
"He is someone important, we are very lucky to have him, so we will enjoy his experience and use it to go forwards."