With Wilkinson struggling for fitness after almost 18 months in the international wilderness, Wales number 10 Jones has emerged as favourite to take over the kicking duties, a move the former England captain and two-time Lions tourist endorses.
"The outstanding candidate at number 10 is Stephen Jones, he has played exceptionally well for Wales in the Six Nations," Dallaglio said.
But the Wasps back row forward, who still harbour hopes of being selected for his third straight tour despite having retired from international rugby last year, believes Wilkinson and other injured players could travel as they would be able to use the early weeks of the tour to find fitness.
"There are certain players you look at where you would take a bit of previous form into account,' said Dallaglio.
"In an ideal world you would want to take 44 100%-fit players. But the reality of the season in this part of the world does not always allow that. And this season has thrown up more injuries than perhaps we have ever experienced.
"There will be players who haven't played much rugby. There will be players who are not match fit, but that is a calculated decision the management will take from the medical advice they are given.
"If that turns out to be successful it is a good risk, if not it is a bad one. There are a number of players coming back like Richard Hill, Jonny Wilkinson and it is down to the management to make those decision based on what they feel is appropriate.
"The most important thing is you get the best players available and they put pressure on each other every single week and every one of them wants to play in the first Test. If you do that you will get the most out of your squad."