Jones was injured during a 30-28 loss to the New York Jets Monday and after an examination by Dr. Robert Anderson it was confirmed he had sustained a bone fracture.
"Unfortunately, Julio's appointment with the doctor today confirmed our initial findings," Atlanta Coach Mike Smith said. "He is scheduled to have a season-ending procedure on Monday."
The injury to their top receiver came as a further blow to the struggling Falcons, who are off to a 1-4 start.
The 24-year-old has hauled down 41 passes for 580 yards and two touchdowns over five games this season.