Jones is set to make $10.5 million in 2018 in the third season of a five-year, $71.25 million contract extension he signed in 2015.
The Falcons could use the franchise tag for two subsequent years and the Falcons are prioritizing extensions for players entering the final year of their contracts. Those players are defensive tackle Grady Jarrett, offensive tackle Jake Matthews and safety Ricardo Allen, per NFL Network Insider Ian Rapoport and the Atlanta Journal-Constitution.
Jarrett is entering the final year of his rookie deal while Allen is working on his second-round tender as a restricted free agent. Matthews is on the fifth-year option of his rookie contract.
Jones elected against participating in the Falcons' voluntary offseason program and did not attend the team's mandatory minicamp in a bid to rework his contract. He did attend quarterback Matt Ryan's passing camp with other teammates, but it's unclear if he's planning to show up next week for training camp.
The 29-year-old Jones is coming off another huge season with 88 receptions for 1,444 yards, although he only reached the end zone three times.
It marked the fourth consecutive season in which Jones amassed at least 1,400 yards receiving and the fifth time in seven campaigns that he has eclipsed 1,000 yards.
Jones has appeared in 95 regular-season games for the Falcons, recording 585 catches for 9,054 yards and 43 touchdowns since being selected with the sixth overall pick of the 2011 NFL Draft.
Falcons veterans are scheduled to report to training camp on July 26.