According to NFL Network's Ian Rapoport, the Jags are also set to cut cornerback Saivion Smith.
Both Pryor and Jones were in their first stints with the Jaguars after spending time with multiple teams previously.
The 30-year-old Pryor began his NFL career as a quarterback with the Oakland Raiders before transitioning to wideout. He spent 2015 and 2016 with the Cleveland Browns, 2017 with the Washington Redskins and split last season between the New York Jets and Buffalo Bills.
His best season by far was 2016, as he registered 77 receptions for 1,007 yards and four touchdowns. Injuries and inconsistent play plagued him during his one season in Washington, and last season he struggled to the tune of 16 grabs for 252 yards and two scores.
Pryor finished the preseason with just three catches for 26 yards, all of which came against the Miami Dolphins.
The release of Pryor suggests that Dede Westbrook, Marqise Lee, Keelan Cole, Chris Conley and D.J. Chark are in line to be Jacksonville's top receivers in 2019.
Jones, 29, was a first-round pick of the Green Bay Packers in 2013 out of UCLA. During his first four seasons, Jones played multiple different positions, including defensive end, outside linebacker and defensive tackle.
Nine of his 10 career sacks came during his four-year stint with the Pack. After that, Jones split 2017 between the San Francisco 49ers and Dallas Cowboys, and he appeared in just one game for the Cowboys last season before getting placed on injured reserve with a hamstring injury.
Jones enjoyed a fairly strong preseason that could help him get looks from other teams, as he started three games and finished with 11 tackles, as well as a blocked field goal.
Jacksonville has one of the deepest defensive lines in football with Calais Campbell, Yannick Ngakoue, rookie first-round pick Josh Allen and Dawuane Smoot at end, while Marcell Dareus, Abry Jones, Taven Bryan and Dontavius Russell are at tackle.
Also, with Smith getting released despite his status as one of the most highly touted undrafted rookies, it suggests the Jags are happy with the depth D.J. Hayden, Breon Borders, Tre Herndon and Quenton Meeks provide behind starting corners Jalen Ramsey and A.J. Bouye.