The South Florida native decided last week that he didn't want to play anywhere else, especially after Miami wildly reshaped its roster by adding LeBron James, Chris Bosh, Mike Miller and others while keeping Dwyane Wade and Udonis Haslem.
Jones was the NBA's third-best 3-point shooter in 2007-08. In two seasons with Miami, he's appeared in 76 games, averaging 4.1 points and shooting nearly 38 percent from 3-point range.
Jones originally had a contract for 2010-11 guaranteed for $1.9 million. He'll make $1 million more this season, plus receive buyout payments through 2012 from the original contract.