Jones' deal is for about $85.5 million, with escalators that could bring the maximum value to $91.5 million, according to the source.
The new contract, the largest in Orioles history, passing Miguel Tejada ($72 million, 2004-09) and Nick Markakis ($66.1 million, 2009-14), buys out Jones' final year of salary arbitration and five years of free agency. The extension also includes a no-trade provision.
Jones is now the second highest-paid center fielder in the majors behind the Dodgers' Matt Kemp, whose contract averages $20 million per season.
Jones, 26, has hit .310 with 14 homers and 31 RBIs in Baltimore's first 46 games. The Seattle Mariners selected him in the first round of the 2003 draft, and the Orioles acquired him as part of a multiplayer deal for pitcher Erik Bedard in 2008.