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.
It is being widely reported that Leicester City are the favourites to sign Manchester City striker Kelechi Iheanacho, and if
Last week Wayne Rooney completed his return to boyhood club Everton, writing the final chapter in a fairy tale career.
Wayne Rooney has returned to Everton after 13 years at Manchester United.
Germany defender Antonio Rudiger has joined Chelsea from Roma on a five-year contract.
Wayne Rooney has closed the chapter on a Manchester United career that featured a raft of honours across 13 years.
Wayne Rooney has returned to Everton after a record-breaking career at Manchester United.