The team's owner and general manager spoke to reporters at an event for National CPR and AED Awareness Week on Monday.
The Cowboys released Elliott earlier this offseason in an attempt to save cap space.
Elliott, a free agent, has not yet signed with another team.
ARLINGTON, TEXAS - NOVEMBER 24: Ezekiel Elliott #21 takes a hand off from Dak Prescott #4 of the Dallas Cowboys during a game against the New York Giants at AT&T Stadium on November 24, 2022 in Arlington, Texas. The Cowboys defeated the Giant
When asked about Elliott returning to the Cowboys on a smaller deal, Jones seemed open to the possibility.
"It's no secret that Zeke is evaluating what his opportunities are, and we are evaluating what we are doing as well," Jones said.
The comments came after Jones said that signing newly-released wide receiver DeAndre Hopkins would be "unlikely."
Tony Pollard is slotted to be the Cowboys starter next season.
The depth chart behind Pollard is largely unproven, with Malik Davis and Rico Dowdle joining rookie Deuce Vaughn and vet Ronald Jones.
The Cowboys season opens in New York against the Giants on September 10.