Jon Jones Says He's Relinquishing UFC Title Amid Dispute with Dana White

Jon Jones says his run as UFC's light heavyweight champ is OVER -- claiming he's giving up the title amid a nasty pay dispute with Dana White.

"I hurt myself every time I walk out there and take a punch to the head and not feel my pay is worth it anymore," Jones said.

The drama began over negotiations for a Jon Jones vs. Francis Ngannou super fight.

Dana White said Jones is demanding $30 mil for the fight -- way too high for White. Jones says he never asked for that much.

Both have spoken publicly -- calling BS on the other side.

In fact, just a few days ago, Jones tweeted at White to release him from his contract.

Things escalated on Sunday ...

Jones tweeted that Dominick Reyes should fight Jan Blachowicz for the light heavyweight title ... saying, "As of right now, I got nothing to really gain fighting either of them."

"Let me know if you guys want to set up a day in 2021 for that Izzy fight. Hopefully you guys will be willing to pay by then."

When someone asked Jones if this means he's "revoking" the title -- Jon replied, "Yes."

"Bones out, when you see me in the streets just call me JJ."

"To the light heavyweight title Veni, vidi, vici" -- which means, "I came, I saw, I conquered."