Manchester United were interested in the 21-year-old last year but pulled back once they saw Brighton's asking price.
Speaking on the Market Madness podcast, Jacobs explained where things stand.
"You have Carlos Baleba, who's still there," said Jacobs. "If Man United revisit that deal, the player wants Manchester United."
"Terms were agreed with the player last summer, but it depends on if Man United want to rekindle that deal now they've missed out on other targets."
"It's also contingent on Brighton not turning around and saying Elliot Anderson, £116million, and so on, Mateus Fernandes, £85million, and pointing to a number that starts with a one and has two zeros on it."
"Because Man United's valuation of Carlos Baleba last summer was £75million."
Brighton's recent sales appear to have hardened their thinking on what they'll accept for Baleba, and the Seagulls are unlikely to budge far from those benchmarks.
Whether United return depends largely on how their business elsewhere unfolds this summer — the terms already agreed with the player would let them move fast if talks restart.
Brighton, for their part, will point to the fees banked for Anderson and Fernandes as the going rate for a player of Baleba's profile, leaving United to decide if they'll pay significantly more than last year's valuation.