The RFU announced plans to appoint Jones' successor on Wednesday after confirming the extension of his contract through until 2021.
English rugby's governing body are looking to appoint their next head coach by the end of the 2019/20 domestic season with a view to him working under Jones for a year before taking the reins.
One name already in the frame to take over from the Australian is Baxter, who has worked wonders at Exeter, taking the Chiefs from the Championship to winning the Premiership Grand Final last season.
While the 46-year-old admits the notion of coaching England is an interesting one, he says he is enjoying his time at Sandy Park far too much to consider leaving.
"I'm not going to sit here and deny that it's not an interesting proposition and that the job isn't an interesting job, because of course it is," he told the Telegraph.
"People say that England is the top step of the ladder and that's what you should be working towards all the time but emotionally it doesn't feel like that to me at this point in time, that it is something I am driving myself forward for.
"Until it feels like that, you should probably stay away from it. That's my feeling. At the moment, I am very emotionally driven about what's I'm doing here at Exeter and that hopefully means it gives me the best chance of making a good job of it."