
The 34-year-old is out of contract at Kenilworth Road next month after a season in which he has been heavily restricted by injury.
McCormack played the opening nine league games, before suffering groin and calf problems that kept him out for a total of just over six months.
Since his return, the ex-Brentford and Swindon midfielder has been simply superb in the holding role, with Luton winning five and drawing one the six games he has started.
McCormack himself admitted he would love to stay with the club for another season, and when asked how likely that was, Jones said: “That’s a conversation we’ll have between myself and Macca.
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“Macca was brought in to give us exactly what he’s given us, towards the last six or seven games of the season, we haven’t seen that and that’s what we’re going to have sit down and have a think about.
“Because he’s a big player for us in terms of lots of ways and that is such a key position for us, that we’ll have a decision to make and I’ll speak to Macca and we’ll see where we go from there.”
Speaking to the press after last weekend’s 3-1 win over Forest Green Rovers, McCormack made his position very clear, saying: “I’d love to stay here, I’ve said it all year, the way this club is going, where it’s going, I think if you walked into any club in League Two and quite a lot of League One, they wouldn’t have the ambition as what’s here.
“When you’re a player at those clubs, that drives you. It doesn’t matter the age, it drives you to better yourself, it drives you to work, drives you to do the right things and it makes you keep playing.
“You want to keep playing, and that’s what I want to do, so I’d love to stay here, I want to stay here, but that’s out of my hands