Earlier today, Ken Rosenthal of FOX Sports broke the news:
— Ken Rosenthal (@Ken_Rosenthal) May 25, 2012
Although no terms of a deal have been disclosed, there are reports stating the contract will make Jones a very rich man.
Rosenthal suggests the value of the contract could be "well north" of Miguel Tejada's six-year, $72 million and Nick Markakis' six-year, $66.1 million extension.
Jones, who has one more year of arbitration eligibility remaining, is signed this season for $6.15 million. He will turn 27 in August, and is producing at an All-Star level in 2012.
So far, he's put together a line of .311/.357/.601 with 14 home runs and 29 RBI.