Jones, whose company Major Events Group will be running the Masters Champions League (MCL), a Twenty20 tournament that will feature retired international players in Dubai, said both the leagues have "their own space" and can co-exist.
Tendulkar and Warne had earlier this year made public their ambitious Legends T20 cricket League, proposed to be held in the USA in August-September.
"We want them to do well and we will not compete against them," Jones was quoted as saying by 'ESPNcricinfo'.
Initiated by the Emirates Cricket Board (ECB) and organised by GM Sports, MCL has been initially approved for a 10-year period.
The MCL was launched in Dubai recently, with Wasim Akram, Adam Gilchrist and Brian Lara in attendance as icon players. Jacques Kallis has also been named as an icon player.
Jones claimed that the idea had received a "fantastic response".
"Each franchise will have icon players and Associate Nation players," he said.
"They will also have A-class players like Scott Styris who can still play first-class cricket. There are players out there who have to be approved by the ICC, our governing council and the Emirates Cricket Board. If I put my name in, I will be told I'm too fat and will not be allowed to play.
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