Schefter adds that Jones is owed $64 million when signing, which is 97 percent of his contract.
Falcons owner Arthur Blank made it clear in recent days that an agreement was on the horizon.
Jones made the decision to not hold out for a new deal this summer and trusted that they would be able to get an extension in place.
Jones, 30, is a former first-round pick of the Falcons back in 2011. He’s currently in the fifth year of his six-year, $81.432 million contract that includes $47 million guaranteed and stands to make a base salary of $12.5 million for the 2019 season.
The Falcons adjusted Jones’ contract last year to pay him an additional $2.9 million in 2018 and included a $4.4 million signing bonus.
In 2018, Jones appeared in all 16 games for the Falcons and caught 113 passes for 1,677 yards receiving and eight touchdowns.