Motorsport.com understands the former Super2 champion is set to be replaced ahead of the Townsville 500 early next month.
Zane Goddard and Kurt Kostecki have both been linked to the drive.
The move follows a difficult weekend for Jacobson in Darwin where he was involved in a number of on-track altercations.
He admitted afterwards that Sunday wasn't his finest day in the car.
“I will wear my heart on my sleeve and the honest answer here is that I was trying hard to get back through the field today and while I made some good passing manoeuvres, I also made some passing manoeuvres I reckon I could have a bit of a rethink on," he said.
"As a competitor I don’t want to be at the back and I will always want to be racing up the front and in my racing career I have generally been trying to be more aggressive as my career goes on, but unfortunately sometimes in practicing that you can overstep the line."
Jacobson joined what is now known as PremiAir Racing ahead of the 2021 season when it was still owned by the Webb family and run under the Team Sydney banner.
As for his potential replacements, Goddard tested the PremiAir Holden at Queensland Raceway recently as part of a co-driver evaluation.
However he wasn't being considered as a co-driver given he already has a Bathurst 1000 drive with Tickford Racing.
That immediately fired up speculation that he could be in contention for a full-time seat next year, although that opportunity may now come sooner.
Kostecki, meanwhile, also has a Tickford Racing drive for the Bathurst 1000 alongside brother Jake.
Motorsport.com has contacted PremiAir Racing for comment.
