Could Ravens lose Jacoby Jones to Giants?

While Jacoby Jones is testing the free-agent market, it will ultimately test how much the Baltimore Ravens value the explosive wide receiver-returner.

On Monday, it was reported that four teams were looking at Jones. On Tuesday, it was revealed that the New York Giants were among those interested teams.

Jones is scheduled to visit the Giants on Wednesday, although the Ravens remain in the mix, according to ESPN's Josina Anderson.

Dexter McCluster may have set the market for returners Tuesday, when he agreed to a three-deal with the Tennessee Titans that's worth up to $12 million, including $4.5 million guaranteed. An argument can be made that McCluster is more of an asset on offense than Jones because he can play running back and receiver.

The Ravens have reportedly made an offer to Jones, but it's likely less than the $4 million salary he earned last season with the team. Why do I say that? I don't believe Jones is making visits if that's the offer on the table from the Ravens.

At about 1 a.m. Wednesday, Jones put up an interesting post on his official Twitter account: "And it begins.........????????"

The Ravens can sign another productive returner in free agency like Devin Hester and Trindon Holliday, and they probably will add another wide receiver who will bump Jones down on the depth chart.

But losing Jones would be significant for the Ravens. That's why I had him rated No. 3 on the Ravens' free-agent rankings.

He was one of the top playmakers in the Ravens' 2012 Super Bowl run and he ranked among the top five returners in the league last season. Jones is inconsistent and one-dimensional as a wide receiver, but he made a lot of clutch plays for the Ravens in two seasons.

Dan Graziano, ESPN's Giants team reporter, thinks the interest from the Giants is legitimate.

"Jones would serve the dual purpose of solidifying the return game while also being able to help as a wide receiver," Graziano wrote. "He wouldn't necessarily be a Hakeem Nicks replacement at receiver, but he could help add depth at a position that didn't offer much last year."

The Ravens haven't lost Jones yet. But I believe it's a 50-50 proposition that he returns. If another team is willing to pay Jones a premium price for his playmaking skills, I don't see the Ravens overspending to keep him.