MMQB's Albert Breer was the first to report the deal.
Jones turned 27-years-old Monday. The 2015 Pro Bowl selection had 36 sacks in four years with the New England Patriots before being traded last March to the Cardinals.
He had 11 sacks, four forced fumbles, and two fumble recoveries in 16 starts last season as a linebacker in Arizona.
Jones made $7.79 million last season. Since joining the NFL, no defender has had more pressures from the right side than Jones, according to Pro Football Focus. The Syracuse product also won a Super Bowl with the 2014 Patriots.