Midfielder Lowe, 18, has been with the club since the age of 12 and Jones is a 17-year-old defender who has been at Ewood Park for six years.
Jones was an unused substitute in the club's recent Carling Cup win over Gillingham.
Unlike when Sir Alex Ferguson left Manchester United, a new Arsenal head coach will not be under immediate pressure to land a premiership title.
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Gianfranco Zola's troubled reign as Birmingham manager continued with defeat to QPR on Saturday, meaning he has taken just six
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The latest gossip and rumours from the newspapers and online:ARSENE WENGER will end his long reign as Arsenal manager in
Arsene Wenger's position as Arsenal manager has come under increased scrutiny following Wednesday's Champions League thrashing at Bayern Munich.