Jones, who is currently helping South Africa prepare for their World Cup campaign, will arrive in England this weekend.
He was instrumental in Saracens avoiding relegation from the Guinness Premiership in 2006, before leaving Vicarage Road to coach Super 14 side Queensland Reds.
"I am very much looking forward to starting on Monday," Jones told Saracens' website www.saracens.com.
"After my first little stint at the club, I was very interested in staying involved as I think Saracens have got great potential and the ambition to be a leading club in England and in Europe.
"I am looking forward to over the course of the next few years working with the club and the coaches to realise that goal."
Jones will concentrate on non-playing areas such as recruitment and game developments, with rugby director Alan Gaffney remaining in charge of all rugby and playing matters.
Saracens chief executive Mark Sinderberry said: "Eddie will have a similar consultancy role to that which he has done in the past few years, but Alan will remain in control of all rugby issues.
"What we are asking Eddie to do is focus on areas of the club such as the recruitment of players and for him to keep an eye on developments in the game so that Saracens keep up to date with what is happening across the world.
"He will also work with the academy, and of course with his experience of international rugby, Eddie will be an invaluable resource to the coaching staff when he is required."