Sources told ESPN that Jones will sign with an agent.
Jones thanked his teammates and Vanderbilt in a statement. But he says he's looking forward to the chance of playing in the NBA.
"I want to thank the coaching staff, my teammates, professors and the Vanderbilt community for their support and for helping me develop to the person that I am now in the past three years," he said in the statement. "I have grown as a person and a player and have developed many connections with my peers at Vanderbilt. I will always think back and cherish these days as a key time in my life. I'm looking forward to pursuing my dream of playing in the NBA."
Jones averaged 14.2 points and 6.9 rebounds this past season and had said before the start of the season that it would be his last in college.
Jones had been debating his decision over the past week or so, however, and continued to explore it after head coach Kevin Stallings left for Pittsburgh and was replaced by Bryce Drew.
Drew will take over a team that will also lose point guard Wade Baldwin early to the NBA draft.