Speaking to Zoe Ball after the news was announced on Strictly's official Twitter account, Bill said he signed up to the show because he's "always looking at new things (and) new challenges", adding he hoped to get an "adrenaline rush" from being on the programme.
Bailey is best-known for his appearance in the Channel 4 comedy Black Books, alongside Dylan Moran and Tamsin Greig.
"My late mum Madrin would have loved it - I hope she'll be watching".More news: Trump Demands US be "Well Compensated" by TikTok
Though he has admitted that he has little dance experience, Bailey is a talented musician, with his keyboard skills being a central feature of his stand-up routine.
Scottish TV presenter JJ Chalmers has also joined the line-up!
"When you see people on television who reflect what society really looks like, not only do those people who are minorities feel more included and understood, but also the wider community are able to look and go "Their stories are just like my stories - we are not that different".
Following the announcement of the news on ITV's Lorraine and asked if he thought Invictus Games founder the Duke of Sussex would be watching him on Strictly, Chalmers said: "I don't know how that works, I don't know if they get it in LA".More news: Budget deficit to hit record 3.3T due to virus recession
"Now, as a TV presenter, I'm lucky enough to witness some of the greatest sporting contests in the world".
So far, actress Caroline Quentin, former National Football League cornerback Jason Bell, The Wanted singer Max George, Good Morning Britain presenter Ranvir Singh, Radio 1 DJ Clara Amfo, comedian Bill Bailey and Invictus Games medallist JJ Chalmers have been announced alongside Nicola.
Adams will compete on Strictly as part of the show's first same-sex couple when the show returns in the autumn.More news: Trump meets with Big Ten commissioner regarding fall season