Pride Park chief executive Tom Glick said: "He continues to be a player we are interested in and if we could bring Michael to Derby, that would be great and we're certainly hopeful that we can achieve that."
20-year-old Jacobs is a free agent this summer but Northampton are due compensation for his departure and have said previously that Derby's initial offer was nowhere near their valuation of the player.
"We feel we have the situation under control and we're optimistic about our ability to reach a positive conclusion," continued Glick.
"We're in touch with Northampton, yes, and we'll just have to wait and see how things evolve.
"It's too early to talk about anything like a tribunal at this stage."
From the point of view of the player himself a move to Derby would appear to make good sense. Manager Nigel Clough has been positive about promoting younger players and those from the lower divisions during his time in charge.
***Update***Reports on Monday evening suggest a deal has been done and Jacobs could be joining Derby as early as Tuesday.