Tim Graham of the Buffalo News reported earlier Monday that the Bills approached Jackson about restructuring his contract but wanted him to stay with the team.
Jackson is due to earn $2.35 million next season, with a $2.73 million salary cap hit.
The 34-year-old played in 14 games last season, starting nine, and ran for 525 yards and two touchdowns on 141 carries. He also added a career-high 501 receiving yards and one receiving touchdown.
Jackson has played in Buffalo for his entire eight-year NFL career.
The Bills reportedly agreed to a trade for running back LeSean McCoy last week.
- Molly Geary