On Wednesday, David Teel of the Daily Press (Va.) reported Jones will be the next head coach at Old Dominion.
A source confirmed the news to CBSSports.com.
Jones had a 212-182 record during 13 seasons at American, going to NCAA tournaments as the Patriot League champ in 2008-09. The Eagles were 10-20 this past season but won 42 games the previous two seasons.
Jones played his college ball at Virginia and later coached in Charlottesville from 1990-98, helping guide the Cavaliers to five NCAA tournament appearances.
Other names mentioned for the vacant ODU job included former Georgia coach Dennis Felton, North Carolina assistant Steve Robinson -- and Florida Gulf Coast's Andy Enfield, before he took the job at USC. Interim head coach Jim Corrigan went 3-5 after replacing Taylor, but Teel reported he wasn't among the main candidates for the job.
Taylor went 239-144 during his time at Old Dominion, including four NCAA appearances (2005, 2007, 2010, 2011).