Mandaric was heavily criticised for sacking fans' favourite Gary Megson in February, but after clinching a place in the Championship ahead of Sheffield United at the weekend, the chairman and Jones now plan to follow in Norwich and Southampton's footsteps by securing back-to-back promotions.
When asked if it was a realistic target Mandaric said: "Of course. I always say if others can do it why not us? We're a big club with big support. I'm not saying we will do it, whether we can do it straight away I don't know, but we don't want to stay in the Championship, of course not.
"I don't think it's time to consolidate at all. We can use this now, this is the start. We have a very ambitious manager, that's why I chose him. He wants to manage in the Premier League and we also want to get there.
"He's as hungry as the supporters to get there. There will be no panic. We'll aim to do it again, we'll give it a go, but there is always a second year or a third year.
"The club can't go backwards now. We have established the route and our destiny. It has to happen. I'm not going to tell you we will get to the Premier League next year. That would be wrong, but we'll be working towards that and it will happen sooner rather than later."