The 26-year-old reached agreement with Wednesday before agreeing to initially join Vale until June 30, but will have to wait for his debut after Saturday's home clash with Bradford was postponed.
"I've really enjoyed my time at Sheffield Wednesday. I haven't played as many games as I would I have liked and I'm ready for a new challenge," Jones told Wednesday's official website.
"Wednesday is a massive club and I hope the lads can turn it around this season and climb the table."
Jones, who can play in midfield or at left-back, began his career at Wolves and had two loan spells at Northampton before two similar stints at Oldham.
Further loan spells followed at Notts County and Bristol Rovers before he joined Wednesday on a free transfer in August 2010. He made 50 appearances in all competitions for the Owls.
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