Asked if Morgan could lead Wales once again, Jones said: "Without a doubt. He did a phenomenal job of leading Wales before.
"Dewi has picked the baton up in Jac's absence and made it his own while Jac has been coming back into the squad.
"We're really fortunate here [at Ospreys] to have two recent Welsh captains sitting in our midst. They are quality, whichever player is chosen at anytime will do a fantastic job, the boys are incredible."
Wales are still hopeful of getting Lake back to play some part of the tournament.
The worse case diagnosis was 12-weeks out from December, which could still see him return for the last two games.
"My understanding is that it [Lake's rehabilitation] is going really well," added Jones.
"He's working hard and the feedback from the Welsh Rugby Union and our own camp is that he's progressing well and we're just playing that be ear now.
"It's all positive at the moment."