The final game of the 2011/12 season could also be the last in a Northampton shirt for the midfielder, a target for Championship clubs Ipswich Town and Derby County.
Jacobs, who made his debut in October 2009, has scored 15 times in his 99 games to date for the club.
Check out his full career stats by clicking below.
Teenage striker Lewis Wilson meanwhile has done enough in his first few months at the club to be handed a one-year contract at Sixfields.
"He has a lot of ability, a fantastic attitude and he has a real willingness to learn," Aidy Boothroyd told the official NTFC website having seen Wilson score on his full debut against Gillingham last weekend.
Will Wilson still be a team-mate of Clarke Carlisle next season? The experienced defender certainly hopes so having had a 'phenomenal' time with the Cobblers since linking up with his old boss Boothroyd at the end of January.
"Aidy is a consummate man-manager," said Carlisle, speaking to BBC Northampton.
"He knows how to drag the best out of a player. He knows when to put his arm around them, he knows when to encourage and when to chastise. He's got the balance perfect.
"He's a meticulous man. That's a sign of an outstanding manager and it's been a pleasure to come and work with him again."