The sprinter will run in the 100m but has yet to finalise which other events she will compete in.
The Goodwill Games will be held in Brisbane from 29 August to 9 September.
Organisers have announced a prize and performance money pool of more than £3.4m ($5m).
Each gold medallist will automatically earn $20,000 with $100,000 going to any athlete who breaks a world record.
The 25-year-old athlete, who won five medals at the Sydney Olympics - including three gold - won the 100m and 200m at the 1998 Goodwill Games in New York.
"The 1998 Goodwill Games was an incredible experience for me, and I look forward to competing in the event again this year," she said.
TV work
Jones is not running indoors this season and is currently doing TV commentary work for a US broadcaster.
She will begin her running season at a meeting in California next month.
"It's actually a little difficult for me this time of the year, having to just kind of sit on my hands and watch everybody else compete and cross that finish line first," she said.
"But I know my time will come pretty soon, so I can wait a bit more."
Her targets this season are to work on her long jump and improve her time in the 100m.
Looking further ahead, she said she is keen to compete in both the 2004 and 2008 Olympics
New career
She has also revealed that she has ambitions to return to basketball.
"I still have incredible passion for basketball," said Jones, who helped the University of North Carolina win a national championship before settling for a career in athletics.
"If my body's not beaten up too bad by then (2008), maybe I'll play a couple of years."