The 27 year-old was due to oppose Mundine at the Brisbane Entertainiment Centre in Queensland, but informed fight organisers yesterday that he was unable to participate.
Ghanaian Joshua Clottey, 36, who has shared the ring with stellar names such as Pacquiao, Cotto, Margarito, Judah and Corrales, is widely tipped to step in and fill the void left by the Oklahoma fighter.
Jones was ready to step back up to his old weight of 154 after spending a prolonged spell at welterweight, where the ten-loss boxer is best known for sharing an entertaining twelve rounds with Kell Brook in 2012.
Brook subsequently stopped him in the return in eight rounds, although Jones had sufficiently enhanced his reputation enough to land a high profile fight with Mundine down under.
A rescheduling of the bout in the future seems unlikely though as Mundine was reportedly only using Jones as a stop-gap to a bigger fight as the experienced Australian chases another world title shot.
In his last fight, Mundine became the first fighter in history to stop Shane Mosley, albeit on a back injury.
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