Jones' agent, Frank Bauer, said his client was on his way to Green Bay on Sunday for a visit with his old team and a deal could be forthcoming.
Jones was cut by the New York Giants on Saturday, a little more than a month after he signed with them. Jones left the Packers in March of 2014 to sign a three-year, $10 million contract with the Oakland Raiders.
The Raiders cut Jones this offseason despite a career-best 73-catch season. Jones also caught six touchdowns but averaged a career-low 9.1 yards per reception.
Jones, a third-round pick of the Packers in 2007, spent the first seven years of his career in Green Bay. He was a consistent performer as a No. 2 or No. 3 receiver. In his best season (2012), he caught 64 passes, including 14 touchdowns.
The Packers kept five receivers after Saturday's cut to 53 players. They have had their eye on Jones and monitored his situation with the Giants ever since they lost Jordy Nelson to a season-ending knee injury Aug. 23.