Manchester United boss Ole Gunnar Solskjaer has made Maguire his priority target as he looks to address the club’s defensive frailties.
Leicester are holding out for around £80m though having already rejected a £65m bid for the England international.
But according to The Telegraph, Solskjaer is prepared to offer Jones to the Foxes to help convince them into doing business.
Jones endured his fair share of criticism last season and fans were surprised to see him sign a new contract back in February that keeps him at the club until 2023.
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But with United desperate to make Maguire the most expensive defender in world football it seems several players are at risk of getting the chop.
The Telegraph claim Solskjaer will listen to offers for Marcos Rojo and Eric Bailly.
Both players have been linked with moves away with Solskjaer not convinced by their displays last season.
Victor Lindelof is not at risk of leaving while Chris Smalling and Axel Tuanzebe are also under consideration for a starting berth.
Solskjaer needs to free up some space in his squad with some of the deadwood being moved on but as journalist Duncan Castles revealed earlier this month, they are struggling to offload players on high wages like Rojo.
“What I’ve been told is Manchester United said ‘you can leave, but we want £25m as a fee.’ Surprise surprise, there have been no bids, no offers from any other clubs in Europe,” he said on The Transfer Window podcast.
“The only offer that’s come in for Rojo is from China, where they’re prepared to pay that money.
“Rojo doesn’t want to move to China, he actually quite enjoys his life in the north of England.
“I think in an ideal scenario he would like to carry on playing in the Premier League, but I’d be very surprised to see if United can manage to secure an offer for a player who is paid that much money, who has played that few games recently at the price of £25m.”
United are in action against Leeds this afternoon (12pm UK time) in their second pre-season match.