Jones will not fight against Anthony Johnson in the upcoming UFC 187 light heavyweight title bought in Las Vegas scheduled for May 23. Jones will be replaced by Daniel Cormier, according to ESPN.
ESPN also reports that Reebok has ended its endorsement deal with Jones.
Roughly an hour before the suspension was reported, Jones tweeted his remorse for his actions recently, saying he was "sorry to have let everyone down."
Police say Jones was driving a silver Buick SUV early Sunday morning when his vehicle hit and struck a car driven by Vanessa Sonnenberg. Sonnenberg, 30, whose car was struck on the driver's side, fractured her wrist and arm.
Jones fled the scene by running up a nearby hill, according to a witness. He later returned to his vehicle, extricated cash from it, and ran into a nearby gated community. He was publicly identified as the suspect by Sunday evening.
Jones checked himself into a treatment facility in January after testing positive for the main metabolite of cocaine.