Former Manchester United player Jones has only 12 months left of his current three-year deal.
The 25-year-old started negotiations at the tail end of last season but has been unable to reach agreement.
Wolves chief executive Jez Moxey confirmed: "We've had a number of amicable discussions over the summer about extending David's contract but we've been unable to reach agreement.
"Both sides are relaxed about the situation and remain open-minded about the future.
"David is committed to his role in helping the team do as well as possible, hopefully building on last season's successful campaign, and will continue to give his all.
"Likewise, the club is committed to David as a player and, subject to the manager's view, we fully expect him to feature in the team."
Jones said: "The conversations with the club have been amicable and although we have yet to reach an agreement, I'm really excited for the new Premier League season.
"I want to help the club build on last year's success and will continue to give 100% as always."