18-year-old defender tied to club until 2016
The England Under-21 international, who can operate in a defensive midfield role as well as at centre-back, has signed on for a further year, theoretically tying him to the Lancashire outfit until 2016.
Jones turns 19 next month and is widely tipped for a full national call-up in the future after impressing this season and last, but he has not played in 2011 after undergoing surgery to repair cartilage in his right knee.
Boss Steve Kean, who has also been handed a new long-term deal in recent weeks, told reporters: "This is great news, especially on the back of so many other key players committing themselves to the club.
"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."
The youngster is pencilled in to return for the home tie with Blackpool on 19 March.