The Footlocker Three-point Shootout participants have been announced, and James Jones isn't on the list. There's a good chance that he would have passed on the invite anyway due to lingering knee soreness so it's hard to view his lack of invitation as a snub.
I have to say that I am a little surprised at the list. Kobe is participating? I wouldn't have expected that, especially since he's shooting 35% from beyond the arc. I don't doubt that he can win it though.