According to Smart, Jones will also have the use of an on-campus dorm room to operate as a "home base" when he visits the school.
Texas announced in January that Jones had been diagnosed with leukemia, which forced him to take an indefinite leave of absence from the basketball team.
Doctors released Jones from the hospital in February so he could begin outpatient treatment, and he has provided updates on his status throughout the winter and spring on social media:
Jones was averaging 13.5 points, 2.4 rebounds and 2.0 assists per game as a sophomore before he left the team to receive cancer treatment.
During a stop on the school's "This Is Texas" tour in April, Smart told the assembled crowd Jones had been playing pickup basketball at a local recreation center and hoped he could suit up for the Longhorns during the 2018-19 season.
Beyond Jones' physical readiness, the Austin American-Statesman's Brian Davis noted he also needs to ensure he's academically eligible to play again should the time come. Thursday's announcement is a big step in that process.