Baker was in the final season of his deal. The Reds were eliminated from the NLDS Thursday by the San Francisco Giants.
"There was no breakdown," Jocketty told the Enquirer. "You just don't work out a contract in a few hours. These things take time. We'll probably have something Monday or Tuesday."
He would not say if an offer was made during their talks.
Baker, 63, would like to continue managing. He is 419-391 in his five years with the Reds. He became the third manager in team history to take a team to the playoffs twice.
He missed 11 games after being hospitalized with an irregular heartbeat and had a mini-stroke. He returned to the team for the final three games of the regular season and NLDS.
Jocketty said contracts for the coaching staff will be addressed after Baker's status is resolved. The GM said he expects all the coaches to be back next season.