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Lesnar, 43, has now become a free agent after his deal with WWE expired and has not reached an agreement over a new contract with Vince McMahon's promotion.
However, the former WWE superstar has been linked with a sensational return to the MMA world and a potential super-fight with Jones.
MMA Fighting reports that Jones, who is preparing to make his long-awaited climb up to heavyweight, would head into the fight on -350 odds.
Meanwhile, former UFC heavyweight champ Lesnar would be the underdog at +265 odds.
According to the publication, Jones' odds would make him a 'whopping 1-to-3 favourite to beat Lesnar in a fight.'
MMA Fighting added: "That means a gambler would have to bet $350 just to win $100 on Jones."
Lesnar, who hasn't fought in MMA since his clash with Mark Hunt at UFC 200 in 2016, has been tipped as the favourite against the legendary Fedor Emelianenko.
The 43-year-old American star has been placed on -135 odds for that fight, while Emelianenko would head into the octagon on +105 odds.
Jones, 33, has shared a heated rivalry with Lesnar in the past and vowed that he would "embarrass" him inside the octagon.
UFC president Dana White has also opened the door for booking Jones' first fight at heavyweight against the 'Beast Incarnate.'
Bellator president Scott Coker has also expressed his interest of snapping up Lesnar to set up a mega-showdown with Emelianenko.
The 57-year-old told ESPN's Ariel Helwani: "Yes, if he's truly available. Fedor vs Brock is interesting. It's the fight that never happened!"
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