Following a disappointing start to the campaign, Southampton took a gamble in appointing the 49-year-old as the man-in-charge.
The club paid an overall £4m to Luton Town to get Jones out of his contract at the Championship club.
Jones was unable to turn the tide in the club’s favour, losing seven of the eight Premier League matches he was in charge of.
The side placed rock bottom now are on the lookout for a new boss, though they still have a significant amount to pay to their recently sacked manager.
The 49-year-old was on a contract worth £1.25m at St Mary’s and the club will have to pay him the full amount due over the course of his three-and-a-half-year stay.
That would take the club’s overall spending on the former Luton Town manager up to more than £8m.
Southampton approached Jesse Marsch to take over but the former Leeds United manager refused to accept the job as he wanted an extended contract.
