Jones made his UFC debut in 2021, having won the first 10 fights of his career, but won only one of four fights in the organisation.
He left following defeat by Slovakia’s Ludovit Klein in 2022.
“My last trip here – my last four fights in the UFC – none of them went well. None of them I performed,” said Jones.
“I had issues and problems and all the excuses you can imagine.
“Now everything’s going well. There’s no injuries, my camp’s gone well, I feel fantastic.”
Stephens is also making his return to the UFC after almost four years away from the promotion.
Stephens, who will be performing in front of his home crowd in Iowa, fought 34 times in the organisation, winning 15 bouts, but left following a five-fight losing streak.
He fought in the PFL in 2022, losing to Natan Schulte, before joining Bare Knuckle Fighting Championship (BKFC), where he won all three of his contests.
Jones said Stephens is seeing him as a “molehill”, while he views the 38-year-old as a “mountain”.
“Jeremy is a mountain but he’s not insurmountable. I’m going to go out there and piece him up,” said Jones.
“He’s a task; he’s arduous. I’m not underestimating him at all. He’s the most dangerous opponent I’ve ever fought, he’s a big hitter and make one mistake and you’re sleeping.”
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