According to the report, US intelligence officials said they could not be absolutely certain Jones was killed in the drone strike, because there was no effort to recover her DNA, but were "confident" that she is dead.
Asked about her death, first reported by the Sun, Mr Corbyn said it was unconfirmed but "quite clearly it is significant, if it has happened".
Sally Jones, who became known in British newspapers as the White Widow, was killed by a US Air Force Predator strike that took place close to the border between Syria and Iraq.
Jojo, 12, was believed to be travelling with Jones at the time and may also have been killed in the strike.
48-year-old Jones, who had no military experience, joined the "ID" after traveling to Syria in 2013. Later, she became interested in music and played bass guitar in an all-girl punk band called Krunch.
Once in Syria, she married ISIS member Junaid Hussain, with whom she was having an online relationship.
The 50-year-old used her Twitter account to recruit women and shared pictures of herself with weapons. In 2016, she was accused of encouraging ISIS sympathisers to launch attacks during the holy month of Ramadan.
"The premise that Sally Jones and her son are dead is probably accurate", a United Kingdom government source was quoted as saying by The Times.
The city is now besieged as coalition forces attempt to drive back ISIS.
The world's most wanted female terrorist was recently killed by a U.S. drone in Syria.
Maj. Gen. Chip Chapman, the former head of counterterrorism at the Ministry of Defense, told Press Association that under the U.N. Charter Jones's son was too young to be classified as a soldier.