The SPL outfit are loath to break up their side but Paatelainen accepts that the club will sell if their valuation of the players is met.
Scotland international Fletcher, the club's most prized-asset, has been a long-term target of Celtic but in recent weeks the likes of Tottenham and Wigan have been mooted as possible suitors.
And it has been suggested the talented front-man, who was once reportedly of interest to Real Madrid, would favour a move south of the border.
Hibs captain Jones has never hidden his desire to return to England and that has alerted West Brom, Nottingham Forest and Derby, who have been credited with an interest in the towering defender.
Tough callEaster Road chairman Rod Petrie has stood firm in the past to get the best possible deal for the club but Paatelainen revealed there will be little they can do if a suitable offer arrives for a player.
He said: "It is a difficult one because I do want to keep my best players and players who have been performing solidly all season. There is no question I want to strengthen the team and keep our better players and hopefully add one or two.
"That is progress and development. Unfortunately, transfers are part and parcel of football. Clubs might come in that offer the club the kind of fees they can't refuse."