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.
Radamel Falcao's anticipated move to Chelsea now looks all but certain with reports that the Colombian striker signed a contract
Louis van Gaal's Manchester United have agreed to stump up £29.
Are Liverpool treading the well-worn path to Southampton to make another signing with full-back Nathaniel Clyne believed to be
Phil Joness face: its a work of art.
After 11 years at Stamford Bridge, Petr Cech is swapping west London for north and Jose Mourinho for Arsene Wenger.
Arsenal have got themselves a new goalkeeper theyve signed Petr Cech from Chelsea.