The RFU is facing revenue losses in the region of £45-50million over the next 18 months as a result of the coronavirus pandemic.
Discussions are being held with Jones and his coaching assistants over a reduction in salary, the PA news agency understands.
Jones is the highest paid coach in international rugby, earning in the region of £750,000 per year.
The 60-year-old’s current deal expires in July 2021 and as yet there has been no move to extend his contract until the next World Cup in 2023.
It was revealed on Wednesday evening that RFU chief executive Bill Sweeney and his fellow executives will be taking significant pay cuts.