The 33-year-old reportedly also had interest from other teams, including the Green Bay Packers and Indianapolis Colts.
Jones was previously an NFC South foe to the Buccaneers during 10 years with the Atlanta Falcons but will now be on the hunt for a Super Bowl championship with quarterback Tom Brady.
The seven-time Pro Bowler now joins a talented wide receiver crew on the Tampa Bay roster that includes Mike Evans, Chris Godwin and Russell Gage.
He spent last season with the Tennessee Titans but was released from the team in March. Jones recorded 434 reception yards and one touchdown in 10 games.
However, the wide receiver was an impactful player during his with the Falcons and appeared in Super Bowl LI as his side blew a 25-point lead against Brady and his former team the New England Patriots.
Jones leads the Atlanta franchise in catches and yards and is second in touchdown receptions.
Since 2014, he leads the league in receiving yards.
Jones will be available for the Buccaneers' upcoming training camp once the team officially announces the signing.
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One player that fans can expect to see on day one of training camp will be Godwin as Tampa Bay has cleared him to start practicing, CBS Sports reported.
The 26-year-old had surgery on Jan. 3 for a torn ACL and was unable to participate in the team's minicamp training and spring practices.
Godwin may now have a chance of playing for the Buccaneers in Week 1 of the new season with the team deciding against placing him on the injury list.
On Tuesday, the Buccaneers announced that they have waived tight end Codey McElroy due to an injury settlement.
Tampa Bay begins its first day of training camp on Wednesday, July 27, at One Buc Place.
The first preseason game for the Buccaneers will be against the Miami Dolphins on Aug. 13 at Raymond James Stadium.
Tampa Bay's first regular-season game of the 2022 NFL season will be against the Dallas Cowboys at 8:20 p.m. on Sunday, Sept. 11, at AT&T Stadium. Their home opener is scheduled at 4:25 p.m. on Sunday, Sept. 25, against the Green Bay Packers.
For information on how to purchase game tickets, click here.