Jones, who's hit 16 home runs in 89 games this season, checked with manager Buck Showalter before agreeing to it. The invitation came from American League team captain Jose Bautista.
Nelson Cruz, who leads the majors with 28 homers in 88 games, turned down an invitation to compete in the Derby.
Cal Ripken Jr. won it in 1991 and Miguel Tejada was victorious in 2004.
Steve Johnson, on the disabled list with right shoulder tendinitis, is scheduled to throw two innings Wednesday at short-season Single-A Aberdeen.
Dylan Bundy remains scheduled to pitch Thursday for Single-A Frederick in Salem. Bundy will be limited to 75 pitches in every outing this season, but Showalter said it won't preclude the right-hander from joining the Orioles later this summer.