<PAGE>   1
                                                   Registration No.------------

                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM S-8

                             REGISTRATION STATEMENT
                                      UNDER
                           THE SECURITIES ACT OF 1933

                               BAY NETWORKS, INC.
             (Exact name of registrant as specified in its charter)


              DELAWARE                             04-2916246
 ---------------------------------         -----------------------------------
   (State or other jurisdiction           (I.R.S. employer identification no.)
 of incorporation or organization)


                           4401 GREAT AMERICA PARKWAY
                          SANTA CLARA, CALIFORNIA 95054
                    ------------------------------------------
               (Address of principal executive offices) (Zip code)

                               BAY NETWORKS, INC.
                           1994 STOCK OPTION PLAN AND
                        1994 EMPLOYEE STOCK PURCHASE PLAN
                    ------------------------------------------
                            (Full title of the plan)

                                 DAVID J. RYNNE
              EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER
                               BAY NETWORKS, INC.
                           4401 GREAT AMERICA PARKWAY
                          SANTA CLARA, CALIFORNIA 95054
                    ------------------------------------------
                     (Name and address of agent for service)


Telephone number, including area code, of agent for service:  (408) 988-2400

This registration statement shall hereafter become effective in accordance with
Rule 462 promulgated under the Securities Act of 1933, as amended.





<PAGE>   2
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------

                                CALCULATION OF REGISTRATION FEE

------------------------------------------------------------------------------------------------

     Title of                           Proposed maximum   Proposed maximum
 securities to be      Amount to be      offering price        aggregate          Amount of
    registered          registered        per share(1)     offering price(1)   registration fee
-------------------- ------------------ ------------------ ------------------ ------------------
<S>                      <C>               <C>              <C>                  <C>
1994 Stock Option Plan   

Common Stock,            15,500,000        $29.0938         $450,953,900.00
par value $0.01


1994 Employee Stock Purchase Plan

Common Stock,             1,500,000        $24.7297         $ 37,094,595.00
par value $0.01


TOTAL                    17,000,000                         $488,048,495.00      $143,974.31
</TABLE>

                                           PART II

                      INFORMATION REQUIRED IN THE REGISTRATION STATEMENT


Item 3. Incorporation of Documents by Reference

        Bay Networks, Inc. (the "Company") hereby incorporates by reference in
this registration statement the following documents:

        (a) The Company's latest annual report on Form 10-K filed pursuant to
Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), containing audited financial statements for the Company's
latest fiscal year ended June 30, 1997.

        (b) All other reports filed pursuant to Section 13(a) or 15(d) of the
Exchange Act since the end of the fiscal year covered by the registrant document
referred to in (a) above.

        (c) The description of the Company's Common Stock contained in the
Company's Registration Statement on Form 8-A filed under the Exchange Act,
including any amendment or report filed for the purpose of updating such
description.

--------
1       Estimated pursuant to Rule 457 solely for purposes of calculating the
        registration fee. The 1994 Employee Stock Purchase Plan establishes a
        purchase price equal to 85% of the fair market value of the Company's
        Common Stock and, therefore, the price for shares issuable under this
        plan is based upon 85% of the average of the high and low prices of the
        Common Stock on December 5, 1997 as reported on the New York Stock
        Exchange. As to shares issuable under the 1994 Stock Option Plan, the
        price is based upon the average of the high and low prices of the Common
        Stock on December 5, 1997 as reported on the New York Stock Exchange.
<PAGE>   3

        (d) The description of the Company's Preferred Stock Purchase Rights
contained in the Company's Registration Statement on Form 8-A, filed pursuant to
Section 12 of the Exchange Act, including any amendment or report filed for the
purpose of updating such description.

        All documents subsequently filed by the Company pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a
post-effective amendment to this registration statement which indicates that all
securities offered hereby have been sold or which deregisters all securities
remaining unsold, shall be deemed to be incorporated by reference in this
registration statement and to be a part hereof from the date of filing of such
documents.

Item 4. Description of Securities

        The class of securities to be offered is registered under Section 12 of
the Exchange Act.

Item 5. Interests of Named Experts and Counsel

        Inapplicable.

Item 6. Indemnification of Directors and Officers

        The Company's Restated Certificate of Incorporation provides that the
Company shall indemnify its directors and officers to the full extent permitted
by Delaware law, including in circumstances in which indemnification is
otherwise discretionary under Delaware law, may advance their expenses incurred
as a result of any proceeding against them as to which they could be indemnified
and may maintain directors' and officers' liability insurance, if available on
reasonable terms.

        In addition, with the approval of its Board of Directors, the Company
has entered into separate indemnification agreements with its directors and
officers which require the Company to, among other things, indemnify them
against certain liabilities which may arise by reason of their status or
service.

        These indemnification provisions may be sufficiently broad to permit
indemnification of the Company's officers and directors for liabilities
(including reimbursement of expenses incurred) arising under the Securities Act
of 1933, as amended (the "Securities Act").


Item 7. Exemption From Registration Claimed

        Inapplicable.

Item 8. Exhibits

        See Exhibit Index.

Item 9. Undertakings

        (a)    Rule 415 Offering

        The undersigned registrant hereby undertakes:

               (1) To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration statement:

                      (i)    To include any prospectus required by Section
10(a)(3) of the Securities Act;
<PAGE>   4
                      (ii) To reflect in the prospectus any facts or events
arising after the effective date of the registration statement (or the most
recent post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth in the
registration statement;

                      (iii) To include any material information with respect to
the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement;

provided, however, that paragraphs (a)(1)(i) and (a)(l)(ii) do not apply if the
registration statement is on Form S-3 or Form S-8, and the information required
to be included in a post-effective amendment by those paragraphs is contained in
periodic reports filed by the registrant pursuant to Section 13 or Section 15(d)
of the Exchange Act that are incorporated by reference in the registration
statement.

               (2) That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.

               (3) To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the
termination of the offering.

        (b) Filing incorporating subsequent Exchange Act documents by reference

               The undersigned registrant hereby undertakes that, for purposes
of determining any liability under the Securities Act, each filing of the
registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Exchange Act (and, where applicable, each filing of an employee benefit plan's
annual report pursuant to Section 15(d) of the Exchange Act) that is
incorporated by reference in the registration statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.

        (h)    Request for acceleration of effective date or filing of 
               registration statement on Form S-8

               Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling persons
of the registrant pursuant to the foregoing provisions, or otherwise, the
registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in
the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities
Act and will be governed by the final adjudication of such issue.

<PAGE>   5
                                    SIGNATURE

        Pursuant to the requirements of the Securities Act of 1933, as amended,
the registrant certifies that it has reasonable grounds to believe that it meets
all of the requirements for filing on Form S-8 and has duly caused this
registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Santa Clara, State of California, on December 9,
1997.

                         Bay Networks, Inc.

                   By:   /s/ David J. Rynne
                        -----------------------------------
                         David J. Rynne
                         Executive Vice President and Chief Financial Officer



                                POWER OF ATTORNEY

        The officers and directors of Bay Networks, Inc. whose signatures appear
below, hereby constitute and appoint David L. House and David J. Rynne, and each
of them, their true and lawful attorneys and agents, with full power of
substitution, each with power to act alone, to sign and execute on behalf of the
undersigned any amendment or amendments to this registration statement on Form
S-8, and each of the undersigned does hereby ratify and confirm all that each of
said attorney and agent, or their, her or his substitutes, shall do or cause to
be done by virtue hereof. Pursuant to the requirements of the Securities Act of
1933, as amended, this registration statement has been signed by the following
persons in the capacities indicated on December 9, 1997.
<TABLE>
<CAPTION>
Signature                      Title
---------                      ------

<S>                            <C> 
/s/ David L. House             Chairman of the Board, President and Chief Executive
---------------------          Officer (Principal Executive Officer)
David L. House                 


/s/ David J. Rynne             Executive Vice President and Chief Financial
---------------------          Officer (Principal Financial Officer)
David J. Rynne                 


/s/ Rob G. Seim                Vice President and Corporate Controller
---------------------          (Principal Accounting Officer)
Rob G. Seim                    


/s/ Arthur Carr                Director
---------------------
Arthur Carr


/s/ Shelby H. Carter, Jr.      Director
---------------------
Shelby H. Carter, Jr.

</TABLE>


<PAGE>   6

<TABLE>
<S>                            <C> 

/s/ Kathleen A. Cote                        Director
---------------------
Kathleen A. Cote


/s/ John S. Lewis                           Director
---------------------
John S. Lewis


/s/ Benjamin F. Robelen                     Director
---------------------
Benjamin F. Robelen


/s/ Ronald V. Schmidt                       Director
---------------------
Ronald V. Schmidt


/s/ Paul J. Severino                        Director
---------------------
Paul J. Severino

</TABLE>

<PAGE>   7
                                  EXHIBIT INDEX



        4.1    Restated Certificate of Incorporation of the Company is
               incorporated by reference to Exhibit 4.1 to the Company's
               Registration Statement on Form S-8 filed with the Securities and
               Exchange Commission on May 26, 1995 (file No.
               33-92736)

        4.2    Amended and Restated Bylaws of the Company are incorporated by
               reference to Exhibit 3.3 to the Company's registration statement
               on Form S-4 filed with the Securities and Exchange Commission on
               September 14, 1994

        4.3    Rights Agreement is incorporated by reference to Exhibit 1 to the
               Company's report on Form 8-K dated February 7, 1995 (File No.
               0-19366)

        5      Opinion regarding legality

        23.1   Consent of Counsel (included in Exhibit 5)

        23.2   Consent of Ernst & Young LLP, Independent Auditors

        24     Power of Attorney (included in signature pages to this 
               registration statement)
[{"type": "S-8", "sequence": "1", "description": "FORM S-8", "secsgml_size_bytes": 14831}]
{"company-data": {"conformed-name": "BAY NETWORKS INC", "cik": "0000876516", "assigned-sic": "3576", "irs-number": "042916246", "state-of-incorporation": "DE", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-41777", "film-number": "97734669"}, "business-address": {"street1": "4401 GREAT AMERICA PKWY", "city": "SANTA CLARA", "state": "CA", "zip": "95054", "phone": "4089882400"}, "mail-address": {"street1": "4401 GREAT AMERICA PKWY", "street2": "P O BOX 58185", "city": "SANTA CLARA", "state": "CA", "zip": "95052-8185"}, "former-company": {"former-conformed-name": "WELLFLEET COMMUNICATIONS INC", "date-changed": "19930328"}}
1
                                                   Registration No.------------

                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM S-8

                             REGISTRATION STATEMENT
                                      UNDER
                           THE SECURITIES ACT OF 1933

                               BAY NETWORKS, INC.
             (Exact name of registrant as specified in its charter)

              DELAWARE                             04-2916246
 ---------------------------------         -----------------------------------
   (State or other jurisdiction           (I.R.S. employer identification no.)
 of incorporation or organization)

                           4401 GREAT AMERICA PARKWAY
                          SANTA CLARA, CALIFORNIA 95054
                    ------------------------------------------
               (Address of principal executive offices) (Zip code)

                               BAY NETWORKS, INC.
                           1994 STOCK OPTION PLAN AND
                        1994 EMPLOYEE STOCK PURCHASE PLAN
                    ------------------------------------------
                            (Full title of the plan)

                                 DAVID J. RYNNE
              EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER
                               BAY NETWORKS, INC.
                           4401 GREAT AMERICA PARKWAY
                          SANTA CLARA, CALIFORNIA 95054
                    ------------------------------------------
                     (Name and address of agent for service)

Telephone number, including area code, of agent for service:  (408) 988-2400

This registration statement shall hereafter become effective in accordance with
Rule 462 promulgated under the Securities Act of 1933, as amended.
2
------------------------------------------------------------------------------------------------

                                CALCULATION OF REGISTRATION FEE

------------------------------------------------------------------------------------------------

     Title of                           Proposed maximum   Proposed maximum
 securities to be      Amount to be      offering price        aggregate          Amount of
    registered          registered        per share(1)     offering price(1)   registration fee
-------------------- ------------------ ------------------ ------------------ ------------------
1994 Stock Option Plan   

Common Stock,            15,500,000        $29.0938         $450,953,900.00
par value $0.01

1994 Employee Stock Purchase Plan

Common Stock,             1,500,000        $24.7297         $ 37,094,595.00
par value $0.01

TOTAL                    17,000,000                         $488,048,495.00      $143,974.31
PART II

                      INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

Item 3. Incorporation of Documents by Reference

        Bay Networks, Inc. (the "Company") hereby incorporates by reference in
this registration statement the following documents:

        (a) The Company's latest annual report on Form 10-K filed pursuant to
Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), containing audited financial statements for the Company's
latest fiscal year ended June 30, 1997.

        (b) All other reports filed pursuant to Section 13(a) or 15(d) of the
Exchange Act since the end of the fiscal year covered by the registrant document
referred to in (a) above.

        (c) The description of the Company's Common Stock contained in the
Company's Registration Statement on Form 8-A filed under the Exchange Act,
including any amendment or report filed for the purpose of updating such
description.

--------
1       Estimated pursuant to Rule 457 solely for purposes of calculating the
        registration fee. The 1994 Employee Stock Purchase Plan establishes a
        purchase price equal to 85% of the fair market value of the Company's
        Common Stock and, therefore, the price for shares issuable under this
        plan is based upon 85% of the average of the high and low prices of the
        Common Stock on December 5, 1997 as reported on the New York Stock
        Exchange. As to shares issuable under the 1994 Stock Option Plan, the
        price is based upon the average of the high and low prices of the Common
        Stock on December 5, 1997 as reported on the New York Stock Exchange.
3

        (d) The description of the Company's Preferred Stock Purchase Rights
contained in the Company's Registration Statement on Form 8-A, filed pursuant to
Section 12 of the Exchange Act, including any amendment or report filed for the
purpose of updating such description.

        All documents subsequently filed by the Company pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a
post-effective amendment to this registration statement which indicates that all
securities offered hereby have been sold or which deregisters all securities
remaining unsold, shall be deemed to be incorporated by reference in this
registration statement and to be a part hereof from the date of filing of such
documents.

Item 4. Description of Securities

        The class of securities to be offered is registered under Section 12 of
the Exchange Act.

Item 5. Interests of Named Experts and Counsel

        Inapplicable.

Item 6. Indemnification of Directors and Officers

        The Company's Restated Certificate of Incorporation provides that the
Company shall indemnify its directors and officers to the full extent permitted
by Delaware law, including in circumstances in which indemnification is
otherwise discretionary under Delaware law, may advance their expenses incurred
as a result of any proceeding against them as to which they could be indemnified
and may maintain directors' and officers' liability insurance, if available on
reasonable terms.

        In addition, with the approval of its Board of Directors, the Company
has entered into separate indemnification agreements with its directors and
officers which require the Company to, among other things, indemnify them
against certain liabilities which may arise by reason of their status or
service.

        These indemnification provisions may be sufficiently broad to permit
indemnification of the Company's officers and directors for liabilities
(including reimbursement of expenses incurred) arising under the Securities Act
of 1933, as amended (the "Securities Act").

Item 7. Exemption From Registration Claimed

        Inapplicable.

Item 8. Exhibits

        See Exhibit Index.

Item 9. Undertakings

        (a)    Rule 415 Offering

        The undersigned registrant hereby undertakes:

               (1) To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration statement:

                      (i)    To include any prospectus required by Section
10(a)(3) of the Securities Act;
4
                      (ii) To reflect in the prospectus any facts or events
arising after the effective date of the registration statement (or the most
recent post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth in the
registration statement;

                      (iii) To include any material information with respect to
the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement;

provided, however, that paragraphs (a)(1)(i) and (a)(l)(ii) do not apply if the
registration statement is on Form S-3 or Form S-8, and the information required
to be included in a post-effective amendment by those paragraphs is contained in
periodic reports filed by the registrant pursuant to Section 13 or Section 15(d)
of the Exchange Act that are incorporated by reference in the registration
statement.

               (2) That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.

               (3) To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the
termination of the offering.

        (b) Filing incorporating subsequent Exchange Act documents by reference

               The undersigned registrant hereby undertakes that, for purposes
of determining any liability under the Securities Act, each filing of the
registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Exchange Act (and, where applicable, each filing of an employee benefit plan's
annual report pursuant to Section 15(d) of the Exchange Act) that is
incorporated by reference in the registration statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.

        (h)    Request for acceleration of effective date or filing of 
               registration statement on Form S-8

               Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling persons
of the registrant pursuant to the foregoing provisions, or otherwise, the
registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in
the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities
Act and will be governed by the final adjudication of such issue.
5
                                    SIGNATURE

        Pursuant to the requirements of the Securities Act of 1933, as amended,
the registrant certifies that it has reasonable grounds to believe that it meets
all of the requirements for filing on Form S-8 and has duly caused this
registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Santa Clara, State of California, on December 9,
1997.

                         Bay Networks, Inc.

                   By:   /s/ David J. Rynne
                        -----------------------------------
                         David J. Rynne
                         Executive Vice President and Chief Financial Officer

                                POWER OF ATTORNEY

        The officers and directors of Bay Networks, Inc. whose signatures appear
below, hereby constitute and appoint David L. House and David J. Rynne, and each
of them, their true and lawful attorneys and agents, with full power of
substitution, each with power to act alone, to sign and execute on behalf of the
undersigned any amendment or amendments to this registration statement on Form
S-8, and each of the undersigned does hereby ratify and confirm all that each of
said attorney and agent, or their, her or his substitutes, shall do or cause to
be done by virtue hereof. Pursuant to the requirements of the Securities Act of
1933, as amended, this registration statement has been signed by the following
persons in the capacities indicated on December 9, 1997.
Signature                      Title
---------                      ------
/s/ David L. House             Chairman of the Board, President and Chief Executive
---------------------          Officer (Principal Executive Officer)
David L. House                 

/s/ David J. Rynne             Executive Vice President and Chief Financial
---------------------          Officer (Principal Financial Officer)
David J. Rynne                 

/s/ Rob G. Seim                Vice President and Corporate Controller
---------------------          (Principal Accounting Officer)
Rob G. Seim                    

/s/ Arthur Carr                Director
---------------------
Arthur Carr

/s/ Shelby H. Carter, Jr.      Director
---------------------
Shelby H. Carter, Jr.
6
/s/ Kathleen A. Cote                        Director
---------------------
Kathleen A. Cote

/s/ John S. Lewis                           Director
---------------------
John S. Lewis

/s/ Benjamin F. Robelen                     Director
---------------------
Benjamin F. Robelen

/s/ Ronald V. Schmidt                       Director
---------------------
Ronald V. Schmidt

/s/ Paul J. Severino                        Director
---------------------
Paul J. Severino
7
                                  EXHIBIT INDEX

        4.1    Restated Certificate of Incorporation of the Company is
               incorporated by reference to Exhibit 4.1 to the Company's
               Registration Statement on Form S-8 filed with the Securities and
               Exchange Commission on May 26, 1995 (file No.
               33-92736)

        4.2    Amended and Restated Bylaws of the Company are incorporated by
               reference to Exhibit 3.3 to the Company's registration statement
               on Form S-4 filed with the Securities and Exchange Commission on
               September 14, 1994

        4.3    Rights Agreement is incorporated by reference to Exhibit 1 to the
               Company's report on Form 8-K dated February 7, 1995 (File No.
               0-19366)

        5      Opinion regarding legality

        23.1   Consent of Counsel (included in Exhibit 5)

        23.2   Consent of Ernst & Young LLP, Independent Auditors

        24     Power of Attorney (included in signature pages to this 
               registration statement)