The team later confirmed it had reached a two-year agreement with Jones, 27, but didn't reveal financial terms.
The Ravens also announced a three-year contract extension for safety Bernard Pollard, Jones' former Houston Texans teammate. Financial terms of the extension, which will run through 2015, weren't released.
Jones, who visited the Ravens on Sunday and also drew interest from the Carolina Panthers, caught 31 passes for 512 yards and two touchdowns last season, his fifth with the Texans, who recently cut him. His playing time increased in 2011 when the Texans' No. 1 receiver, Andre Johnson, went down with an injury.
The addition of Jones comes one week after the Ravens' director of player personnel, Eric DeCosta, said the team was happy with its receiving corps. But Jones adds depth in Baltimore, which doesn't have any proven pass catchers after starters Anquan Boldin and Torrey Smith, and helps on special teams.
"Adding Jacoby gives us another proven downfield weapon in our passing game and production with our returns," Ravens general manager Ozzie Newsome said in a statement released by the team. "His experience makes the offense better, and the competition he brings can help raise our levels at receiver and with punt and kickoff returns."
Jones felt the wrath of Texans fans after he muffed a punt during the first quarter of an AFC divisional playoff loss to the Ravens last season. The Ravens recovered the ball on the Texans' 2-yard line and scored a touchdown on the possession. Jones also fumbled later in the game.
Still, Jones has three career punt returns for touchdowns and averages 23.3 yards on kickoff returns.
Follow Jason La Canfora on Twitter @jasonlacanfora.
The Associated Press contributed to this report.