Lester served as Maryland's head coach from 1969 to 1971.
Four Terps could be taken in the draft's late rounds.
Jacobs spent six seasons with the Terps from 2013-2018.
The pair could both finish in the top 10 in receiving yards.
The former All-American will get to showcase his talents starting in February.
The high-flying kick returner was also named Big Ten Return Specialist of the Year earlier this week.
The Spartans are looking to become bowl eligible, while the Terps want to finish the season on a high note.