Eoin Morgan's side are firm favourites to win the Lord's showpiece after thumping Australia by eight wickets in Birmingham on Thursday to reach their first final in 27 years.
Australian Bayliss, 56, is set to step down at the end of his current deal in September.
CoA members led by chairman Vinod Rai, Diana Edulji and Lt Gen (Retd) Ravi Thodge will also have discussions with chairman of selectors MSK Prasad.
Australia captain Aaron Finch admitted his team were outclassed as England booked their final date with New Zealand at Lord’s.
Eoin Morgan asked his England team to embrace the occasion of a World Cup semi-final and they did just that on their way to an eight-wicket victory over Australia at Edgbaston.
England reached the final of the World Cup by beating Australia by eight wickets where they meet New Zealand.
There was a lot of criticism on that decision, not only on social media but by the cricket fraternity in general, after India's loss, but Shastri has now revealed that 'whole team was was clear on it'.
The fact that India failed to find a fixed number four batsman for the showpiece event hasn't gone down well with the BCCI.
Hosts England humbled Australia to secure an eight-wicket win at Edgbaston and set up a decider on Sunday against tournament surprise package New Zealand at Lord's.
England booked their first World Cup final appearance for 27 years with an eight-wicket rout of holders Australia at Edgbaston.