Colorado announced Friday that it had released Jones from his scholarship so he could return to Tennessee.
"My job is to work with the whole person," Colorado coach Mike MacIntyre said in a statement. "Each player is unique and comes with unique needs and concerns. Throughout the past couple of weeks, Sheriron and I have spent a lot of time trying to sort out his circumstances. We have concluded that it is in his best interests for him to return to Tennessee."
In a university release, Colorado noted that the NCAA allows a student-athlete to return to the school he transferred from if he decides to do so within a 14-day window.
Tennessee senior associate athletic director Ryan Robinson said he is aware of the statement Colorado issued, but he couldn't confirm anything until Tennessee receives official paperwork granting Jones' release.
Jones, who is from Perris, California, redshirted this season and has four years of eligibility remaining. He was rated No. 216 in the 2015 ESPN 300.
The Associated Press contributed to this report.