Jones would be able to earn up to $28 million with incentives, his agent told The Athletic's Jon Krawczynski.
"We negotiated in good faith with Minnesota but did not receive an offer I felt was fair, so we had to look elsewhere," Jones' agent told Krawczynski.
Minnesota will have two days to decide whether to match the offer. The club would be roughly $750,000 to $1 million below the luxury tax if they match it, according to ESPN's Bobby Marks.
The 23-year-old averaged career highs in points (6.9) and assists (4.8) across 68 appearances this past season in mostly a reserve role.
Beforehand, Jones starred at Duke and was named the NCAA Final Four Most Outstanding Player after leading the Blue Devils to a national championship during his lone collegiate season in 2014-15.