Derby County are now reportedly leading the chase for the 20-year-old, who has been offered a new deal at Sixfields with his current contract expiring this summer.
Compensation would be due for Jacobs, who is also interesting Ipswich Town among others.
Northampton boss Aidy Boothroyd meanwhile has admitted he would consider selling striker Bay Akinfenwa if the money received would allow him to strengthen the Town squad considerably ahead of next season.
"We're speculating but we've got to plan for the what ifs," he said, quoted in the Chronicle & Echo.