The fifth-year pro, who has served as Ja Morant's primary backup this season, will be re-evaluated in about a week.
Jones is averaging a career-high 7.4 points per game in 2019-20 and has hit 37.9% of his shots from deep. He ranks second on the Grizzlies with 4.4 assists per contest.
The Grizzlies, who lead the race for the eighth seed by 3 1/2 games, have crucial tilts against the Portland Trail Blazers, San Antonio Spurs, New Orleans Pelicans, and Utah Jazz over the next week.
The No. 9 seed can trigger play-in games versus the No. 8 seed if they are within four games of each other at the end of the seeding phase.