The 29-year-old, who is scheduled to make $1.5 million this season, scored twice and finished with seven points in 27 games in 2012-13. He missed the start of the season with an eye injury.
Jones scored 17 goals in 2011-12 and 18 during the 2010-11 season. He has 52 goals and 94 points in 282 games with the Oilers and Nashville Predators. The Oilers claimed him off waivers from Nashville in March 2010 and re-signed him as a free agent on July 8.
Other teams have until Thursday at noon ET to claim Jones.
When things aren't going well for us in this city [Toronto], I think there is a lot of overanalyzing going on. You've got the most passionate fans in the world here and a lot of (media) coverage, so you know there's going to be a lot of people giving their two cents worth on us.
— Toronto Maple Leafs forward James van Riemsdyk after a win against the Tampa Bay Lightning on Thursday