Signed in the summer from Super League outfit St Helens, Jones has cited family reasons for his departure from Sandy Park.
The 22-year-old is due to head back north, along with partner Olivia, who is expecting their first child in June.
Although the hard-running back did not feature for the Chiefs in a competitive first team fixture, he has impressed many during his outings with the club’s A League side and also on loan at Taunton Titans.
“I cannot speak highly enough of everyone at the Chiefs because it’s a special club with a great culture,” said Jones. “Since the moment I arrived they have made me feel very at home and helped me so much. Exeter is a great club and one that is clearly moving in the right direction, so it’s been brilliant to be a part of it all.
“I want to thank Rob, all the coaches, the players, staff and supporters for everything. Rob gave me a great opportunity and a new challenge, but due to family circumstances I have to cut it short early.
“Even though I’ve only been here a short while, I know I have improved a lot as a player. When you are working alongside so many skilful players, like they have at the Chiefs, you’re always going to add to your game and pick up things.”
Disappointed Chiefs coach Rob Baxter has paid tribute to the commitment shown by Jones during his time in Devon, adding: “Obviously we’re disappointed to see Josh move on, especially when we were starting to see him come through and show some really good qualities.
“Anyone who watched his latest game for the Braves will see the progress he has made here and a lot of things were starting to click into place for him.
“Throughout his time here he has really impressed us with his professionalism, his willingness to learn and the commitment he has shown playing for us and for Taunton.
“That said, Josh’s personal and family circumstances are the most important thing and although we’re sad to see him move on, we wish him every success for the future and in finding a new contract back in the Super League.”