The Minnesota Timberwolves will have two days to match the offer sheet or Jones will be a member of the Grizzlies.
Memphis is using most of a $9.3 million mid-level exception on Jones, according to ESPN's Bobby Marks.
Minnesota would be roughly $750,000 to $1 million below the luxury tax if it matched the offer sheet, according to Marks. That figure includes 14 players under contract, including the partially/non-guaranteed contracts of Shabazz Napier and Treveon Graham.
The 23-year-old Jones averaged 6.9 points and 4.8 assists for the Timberwolves during the 2018-19 season.
Jones was the 24th overall pick in the 2015 draft by the Cleveland Cavaliers, but was traded to the Timberwolves for two second-round picks. During his career in Minnesota, he has averaged 5.1 points and 3.3 assists.