Using a biscuit cutter or round cookie cutter, cut out center from 1 slice of bread (discard center or save for another use). Spread mayonnaise on 1 side of both bread slices. In a large skillet coated with cooking spray, lightly toast slice with cutout, mayonnaise side down, over medium-low heat. Flip slice; crack an egg into center. Add remaining bread slice, mayonnaise side down, to skillet; layer with cheese and bacon.
Cook, covered, until egg white is set, yolk is soft-set and cheese begins to melt. If needed, flip bread slice with egg to finish cooking. To assemble sandwich, use solid slice as bottom and cutout slice as top.
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