The England Under-21 international, currently sidelined with a knee injury, has added another 12 months on to his current deal, which now takes him up to the summer of 2016.Jones, who can play in defence or midfield, follows the likes of captain Chris Samba, Michel Salgado, Jason Roberts and Mark Bunn in agreeing new contracts in the last month.
Incredible Progress
"This is great news, especially on the back of so many other key players committing themselves to the club," said manager Steve Kean.
"Phil has made incredible progress over the past year or so and his form, prior to his unfortunate injury setback, attracted a lot of attention."It speaks volumes that he is happy to stay here for the long term and we are all absolutely delighted."
Jones was an ever-present in the Barclays Premier League this season before he was injured playing against West Ham United in December and subsequently underwent surgery to repair torn cartilage in his right knee.
He recently returned to light training and the 18-year-old could return as early as mid-March.
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