CBS Sports college basketball insider Jon Rothstein reported that Jones will be eligible to play for the Nittany Lions for the entire 2019-20 season.
Reid and Cain left the Nittany Lions' 28-7 victory over Michigan State with undisclosed injuries, but Franklin expects both players to be ready for Saturday's trip to Minnesota.
"It's amazing watching him move -- just incredible. He is a very, very gifted skater."
Cain got his first collegiate start against Michigan State on October 26, but he was listed as the first running back on the depth chart for the first time this season.
The Nittany Lions moved up after sweeping Wisconsin by a combined final score of 10-3 over their two-game series.
KJ Hamler and Pat Freiermuth are responsible for nearly half of Penn State's passing production so far this season. Although that's worked to date, other teams' strong defenses will undoubtedly adjust to this.