The RFU is facing revenue losses in the region of £45-50million over the next 18 months as a result of the coronavirus pandemic.
Discussions are being held with Jones and his coaching assistants over a reduction in salary, the PA news agency understands.
Jones is the highest paid coach in international rugby, earning in the region of £750,000 per year.
The 60-year-old’s current deal expires in July 2021 and as yet there has been no move to extend his contract until the next World Cup in 2023.