Midfielder Bailey, 21, came through the Alex's famous academy while defender Brayford has been at the club since 2008.
"We are very close to a deal now. Everything has been agreed between the two clubs and both players are eager to go to Derby. They have not signed yet but we do not envisage any problems," Dario Gradi, the Crewe manager, told his club's official website.
"People always tell me it is too early for our players to move on and that they could do with another year in our first-team, but these two are ready."
A consortium of Crystal Palace supporters hoping to purchase the club have agreed a price to purchase Selhurst Park stadium.
The South London Press report that the CPFC2010 group settled on the fee with PricewaterhouseCoopers, leaving them free to complete a takeover so long as the club's creditors back their proposal.
Portsmouth, relegated to the Championship this summer, have refused to give up on a place in European competition next year, saying they have applied to the Football Association for a Uefa licence.
They would normally have qualified to play in next season's Europa League as they reached the FA Cup final - with Chelsea, who defeated Pompey to win the Cup, already set for the Champions League as the Premier League champions.
As a result of their financial problems this year an application for a Uefa licence was not made, and the Football Association handed the final spot in the competition to the team who finished seventh in the Premier League.
Pompey have made a formal application for a licence but the odds of them competing in the Europa League next season appear slim.
Hull City will offer midfielder Nicky Barmby a one-year contract extension. The Tigers are seeking to cut their wage bill dramatically but see Barmby, 36, as worth keeping.