Coach Pete Carroll said the team has spoken with Jones and an announcement regarding Jones will be coming next Thursday.
After the team drafted Russell Okung with the sixth pick in the NFL draft on Thursday night, offensive line coach Alex Gibbs said, "he's going to be Walter [Jones'] replacement" and that was why the Seahawks picked him.
Jones, a six-time All-Pro, hasn't played since Thanksgiving Day 2008. He's been rehabilitating from two knee surgeries and said after the 2009 season ended that he hoped for one more run with the only franchise he's ever played for.
Jones has spent all 13 of his seasons with Seattle after being the No. 6 pick in the 1997 draft.