The waiver means he will not have to sit out a year upon transferring.
Jones, who enrolled at Valdosta State a week ago, will depart from Valdosta, Ga. and arrive at the Piedmont Triad International Airport in Greensboro, N.C. on Saturday evening.
When Jones will enroll at UNC or participate in practice has yet to be decided.
Valdosta State Athletics Director Herb Reinhard confirmed to Inside Carolina on Friday morning that his program had released Jones, and that North Carolina officials had spoken with the talented wide receiver.
"Yes, as far as I know, he has decided to return to North Carolina," Reinhard said. "I do not know if he has left yet, but he is not practicing with our football team right now."
UNC officials could not confirm the information on Friday morning.
Jones, rated a four-star prospect, signed with UNC out of Cummings High School in February 2007. After failing to qualify, the 6-foot-3, 215-pound wide receiver enrolled at Chatham (Va.) Hargrave Military Academy, where he focused on improving his SAT and ACT scores.
After leaving Hargrave in December, Jones continued to try to qualify by re-taking the ACT and attending community college classes. He was able to become a Division II qualifier, but was told he fell just short of qualifying to play Division I ball.
However, the NCAA changed the required number of core classes from 14 to 16 between the 2007 and 2008 recruiting classes, respectfully.
Since he graduated high school in 2007, Jones' academics should have been evaluated with the 2007 rules – specifically his core grade point average consisting of 14 classes. However, his transcripts were incorrectly judged with the 2008 standards.
"He actually [became qualified] the last time he took the ACT," Perdue said. "He made that score in April when he took it at Cummings when he was already home."