The Men in Black 3 actor is in line to star alongside Robert De Niro and Michelle Pfeiffer in Luc Besson's mob film, reports Variety.
De Niro and Pfeiffer will play the heads of the Manzoni mafia family, who enter into a witness protection programme in Normandy. While the husband masquerades as a historian, the wife struggles with a propensity to use arson against those who wrong her.
Jones will play a stern FBI agent who is assigned as the Manzonis' handler to help them adjust to their new lives.
Malavita is based on Tonino Benacquista's novel Badfellas, which had been adapted by Besson.
Filming is scheduled to begin in August at Studios de Paris's new location at La Cité du Cinéma, and on location in France and New York.
Malavita is scheduled for a 2013 release.