Jones has a little over 12 months left on his current deal, prompting rumours of a potential exit. Villa and Spurs are seen as leading contenders for his signature should he depart Anfield.
Liverpool losing key figures
Liverpool are on the verge of a cultural reset. Mohamed Salah and Andy Robertson are departing at the end of the season, following Trent Alexander-Arnold, Caoimhin Kelleher and Jarrell Quansah last year. These players have all individually spent the best part of a decade at the club (two for Trent and Quansah).
Captain Virgil van Dijk and goalkeeper Alisson are both under contract until next summer, but age alone suggests it's not unrealistic to expect both will leave at the end of their deals, marking nine years at the club each.
That would mean, by the end of the 2026/27 season, Liverpool may have moved on almost entirely from the core that defined the very successful Jurgen Klopp era.
It's an uneasy thought for supporters, as great teams often replace both quality and an understanding of the club's folklore as players come and go.
For years, knowledge of what it means to play for Liverpool has been passed down. From Jamie Carragher and Steven Gerrard to Jordan Henderson, then to the current leadership group of Van Dijk, Robertson, Salah and Alisson.
Liverpool's most successful sides have rarely been built around a single type of leader. There are those, like Gerrard, who set the ceiling with their actions on the pitch; those, like Carragher and Henderson, who organise; and those who carry an institutional memory through transitional periods.
Jones, a Toxteth-born academy graduate who has been at the club since the age of nine, understands the weight of the shirt and the expectations of Anfield - he's a 'fan on the pitch', for the romantics.
Even though he isn't a nailed-on starter in a midfield that includes Dominik Szoboszlai, Alexis Mac Allister and Ryan Gravenberch, that doesn't make him less important.
In a squad that may soon lack voices who have lived through Liverpool's rebirth under Klopp, allowing Jones to leave risks losing a reference point when new players hit stumbling blocks.
Under the tutelage of Klopp, Jones transformed from an explosive winger who could cut in from the left into a more controlled and creative midfielder, becoming a regular feature by 2020. He's made 224 appearances in all competitions, scoring 21 goals and making 25 assists.
Jones has also made his ambition clear, telling Times journalist Paul Joyce that his preference is to remain at Liverpool and become the "main man." That desire to stay and fight for his place should be harnessed, not taken for granted.
There are practical considerations, too, as so-called homegrown players carry structural value within Premier League squads, and Jones, at 25, offers long-term utility, à la James Milner.
Players still acclimating
Liverpool are already in a transition under Arne Slot. New arrivals, such as Florian Wirtz and Alexander Isak, are still finding their feet, while recent departures, including Trent, Luis Diaz and Darwin Nunez, have altered the squad's dynamic.
(Also - it would be remiss of me not to say - the devastating death of Diogo Jota last summer has left a lasting impact, underlining how this is a group still adjusting on multiple levels.)
A recent mix-up in communication between Szoboszlai, Liverpool's best player this season, and travelling fans following a 4-0 defeat to Manchester City was perhaps emblematic of players still learning. The midfielder gestured to upset supporters after the full-time whistle, which garnered a frustrated response from fans.
While being angry after an embarrassing defeat isn't unique to Liverpool, nor is it the end of the world, in that context, removing one of the few players who inherently 'gets it' would be an own goal, so to speak.
This isn't simply about tying down a good squad player. Rather, it's about recognising what Jones represents at a time when Liverpool are in a delicate position, trying to maintain the thread that has held their most successful modern side together.