Coach Brad Scott said at a packed media conference that Jones had not been selected for sentimental reasons, but had earned his place on form.
The 29-year-old, who last represented North in round two's heavy loss to St Kilda, will replace injured teammate Lachlan Hansen (hamstring).
"Corey's been exceptional in the VFL this year and he's only been kept out of the side by some players who have been a little bit ahead of him," Scott said.
"The way he has handled himself this year has been absolutely exceptional.
"This game, Corey has absolutely earned. This is not a farewell game. It just happens to be Corey's last game.
"We absolutely have a team-first attitude here at North Melbourne and Corey really reflects that attitude."
With 48 goals from 17 VFL matches for North Ballarat, Jones has been on the cusp of selection for a lot of the season, and was a travelling emergency for last round's win over West Coast.
However, he scaled back his North Melbourne commitments in April when it became obvious that the club would give opportunities to his younger teammates.
Jones has spent two days a week working for a carpentry business, and conceded that it had been a frustrating year for him.
"It has been hard, but to the club's credit and to North Ballarat, they've made it really enjoyable," he said.
"You get pretty excited when you come in Wednesdays and they (the players) think, 'The pain in the arse is back'. We hit the coffee strip pretty regularly because we have a bit of catching up to do."
Though Jones was North's leading goalkicker (46) in 2007, he missed the club's semi and preliminary finals with a foot injury that would also hamper his pre-season.
He kicked 33 goals from 19 games in 2008, but made just 10 appearances last season in a sure sign he would eventually be overtaken by Ben Warren as the side's preferred mid-sized forward.
"The success we had in that season - we didn't have the ultimate success - but we gave it a real shake," he said of 2007.
"That season was just really good, and I managed to get a kick or two, unlike the last couple of years.
"That was obviously my best season, but footy's changed and I did have a pretty bad injury at the end of that year. It's been manageable but a little bit hard since then.
"We've got a great bunch of kids these days and I've been lucky enough to help a couple along the way."
He said that he never really considered leaving North, even when he was put on the trade table by former coach Dean Laidley at the end of 2008.
"You sometimes think the grass is greener on the other side of the fence, but you don't have to go too far or speak to too many people to figure out that what we've got here is [pretty special]," he said.
Recruited with the club's fourth-round selection in the 2000 national draft, Jones has kicked 213 goals from 156 games.
He kicked career-best hauls of seven goals on two occasions.
Jones said he could play country football next year and that there was the possibility of a return to his hometown of Wycheproof.
