Jones made the announcement during his official investiture Friday as Ole Miss' 16th chancellor.
Jones says donations could be made to the new Barnard Endowment for Faculty Support as well as for the creation of faculty chairs, professorships and lectureships.
The UM Foundation will lead the campaign.
Jones says faculty members have been able to overcome funding challenges and receive national recognition for their work.
He says compared to similar schools, Ole Miss has had below-average per-student funding and below-average faculty compensation.
Jones took office July 1, following the retirement of Chancellor Robert Khayat.
For a complete text of Jones' inauguration address, go to http://www.olemiss.edu/depts/chancellor/inauguration/.
Read more in Saturday's NEMS Daily Journal newspaper.