The terms of the deal were not disclosed, but a source told ESPN NFL Insider Adam Schefter that the contract is worth $11.3 million.
Jones, who will turn 30 on March 31, ranked second on the Green Bay Packers last season in both receptions (59) and yards (817), the latter of which was a career high despite missing nearly three full games because of a knee injury.
He has played the majority of his career snaps as an outside receiver and rarely has lined up in the slot, but his size makes him a good target in the red zone. In 2012, he caught a career-high 14 touchdown passes.
Three years ago, coming off the NFL lockout, Jones did not draw strong interest on the free-agent market and re-signed with the Packers for three years and $9.6 million.
ESPN.com Packers reporter Rob Demovsky contributed to this report.