Jones was considered a potential Top 10 pick in this year's draft, but would have been competing with Stanford's Andrew Luck and Heisman Trophy winner Robert Griffin III for a high choice.
He has thrown for 12,389 yards and 93 touchdown passes in his Oklahoma career. He has set 21 school records and is 30-8 as a starter.
"I want to accomplish the goals that I set before I got here, and there is still a lot more to do," Jones said. "I want to make sure I've exhausted every effort in that area.
"We hope to have another opportunity to make a title run. Most of the offensive line returns and we have several receivers and backs returning too."
Oklahoma went 10-3 this season with a victory in the Insight Bowl over Iowa. Jones threw for 4,469 yards and 29 touchdowns in 2011.