Jacobs has suggested that Ryanair could consolidate its existing holiday extras, such as car hire and hotels, into an overarching low-cost holiday brand.
Jacobs told TTG Digital in an interview: "If it becomes Ryanair Holidays at a point in time, it is a logical way for the brand to go.
"We do a version of it already. We can certainly do it better than we do. The way customers are responding to the new improved Ryanair, I think it will go forward."
It appears a new brand will not be launching any time soon, however, as Jacobs focuses on repairing Ryanair's own image.
Jacobs said: "I can see us launching this in the next five years. People will say you will not have been able to do that with the old Ryanair."
Easyjet made a similar move in 2011, launching its own Easyjet Holidays brand. That initially paired cheap flights with hotel bookings, but has since expanded to become a wider tour operator, offering city, ski and beach breaks. Golf and cycling holidays are set to follow from this year.
Jacobs became Ryanair's first chief marketing officer at the beginning of the year, after the airline was voted worst of 100 brands for customer service in Which? magazine in 2013.
The airline's financials have been improving, with the company reporting a 152% year-on-year rise in profits to €197m (£156m) for the three months ending 30 June.
Ryanair also launched a business class in September, offering flexible booking and priority boarding.