The move was announced Sunday by the Gophers, who play Missouri on Thursday in the Citrus Bowl.
Jones, a sophomore, had 11 catches for 253 yards and two touchdowns and four carries for 42 yards this season.
He was recruited out of his high school near Atlanta as a quarterback, but the Gophers moved him to wide receiver during fall camp of his freshman year. He had 10 receptions for 157 yards last season plus 16 rushes for 73 yards.
The Gophers have a promising group of redshirt freshmen at wide receiver for next year.