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Cowboys spokesman Rich Dalrymple confirmed the teams had an agreement, but no terms had been filed with the NFL office, which already had closed for the day.
The Titans also confirmed the deal, adding that terms had to be finalized. The team had no further comment.
Dalrymple declined to say who or what the Cowboys might give up in the trade. Specifics likely will be announced today or tomorrow, Dalrymple said.
ESPN.com said the deal involved a fourth-round draft pick this year and a conditional fourth-rounder in 2009.
The Titans would, the Web site indicated, return the 2009 pick if Jones is not reinstated for this season.
Agent Manny Arora said he had not been told of the trade by either team, but said the player was cautiously optimistic. Jones has talked often of his desire to play for the Cowboys in recent weeks, even appearing on Michael Irvin's radio show in Texas.
"We recognize the fact of where we are with regards to the league," Arora said.
"We recognize the fact he's got a guaranteed contract with Tennessee, and we recognize the fact there's risks involved at this point. We also recognize there's significant public relations implications for the teams, and in fact Dallas has to sell tickets," he said.
"With all that in mind, we've said from Day 1 we're willing to rework our contract. Once the trade gets completed or official, we'll be ready to do our part because we want to play for Dallas. I don't have any hesitation saying we can get this done and get it done quickly."
Jones was scheduled to make a base salary of $1.74 million in 2008; he remains under contract through 2009 despite his suspension.
He was the first defensive player drafted in 2005, sixth overall out of West Virginia, and was perhaps Tennessee's best defender in 2005 and '06. His four career interceptions came in 2006 as he helped the Titans to an 8-8 record. He also led the NFL in punt-return average in 2006 with 12.9 yards per return and three touchdowns.
But six arrests and 12 incidents in which police were called led to Jones' suspension for the season by NFL commissioner Roger Goodell in April 2007.
The Titans might have been more eager to trade Jones after news surfaced Monday night that the cornerback had paid money to a 29-year-old man arrested for a Las Vegas strip club shooting in February 2007 that left a club employee paralyzed.
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