Though not provided a timetable, Jackson said Wednesday that he has "faith" something will be done. He said he received the assurance three weeks ago in a meeting with Bills general manager Buddy Nix.
Based on his production, Jackson is vastly underpaid this season, in which his base salary of $1.75 million makes him the team's 24th-highest-paid player.
"Hopefully, something happens sooner than later, but I can't control that," Jackson said. "The only thing I can control is what I do on the football field."
The Bills have a policy to not discuss contract talks, but a ProFootballTalk.com report, confirmed by WGR-AM, said the Bills intend to get deals done with kicker Rian Lindell and right tackle Eric Pears before turning their attention to Jackson.
Jackson has been an unstoppable force this season and emerged as a midseason NFL MVP candidate. He has posted 100 rushing yards a league-leading five times this season, and he's coming off yet another breathtaking performance in which he had 194 yards from scrimmage in a 23-0 win over the Washington Redskins last weekend that pushed the Bills to 5-2. He's fourth in the league with 721 rushing yards and second with 1,074 yards from scrimmage.
Bills coach Chan Gailey said that in his 37 years of coaching, he never has had a player produce with such consistency.
"He catches, he runs, he protects. He's doing an amazing job," Gailey said. "We wouldn't be where we are without him."
The Associated Press contributed to this report.