Jones had signed a two-year, $5.5 million deal with the Chargers in free agency to add juice to San Diego's return game, but through eight games, he did not meet expectations.
He suffered a high-ankle sprain in the team's season opener against the Detroit Lions, which forced him to miss three games.
Jones was averaging just 21.4 yards per return this season. In his nine-year career, that is his lowest since his rookie season in 2007 with the Houston Texans. Jones has minus-4 punt return yards in 2015.
The Chargers will likely turn to Javontee Herndon, a second-year pro out of Arkansas who was promoted from the practice squad to the active roster this week.
During exhibition play, Herndon averaged 10.7 yards per punt return, including a long of 30 yards.