The NCAA announced the ruling on Tuesday.
Jones will be held out for the first four games of his senior season in 2015-16 after taking part in two closed scrimmages for SMU before transferring to Texas A&M in January. But the 6-foot-7 swingman will be available when the Aggies host Northwestern State in their opener on Nov. 14.
Coach Billy Kennedy says the NCAA made the right decision and he is looking forward to having Jones on the court.
Jones averaged 14 points and 7.7 rebounds during the 2012-13 season with the Mustangs.