The central-midfielder played a key part for Wolves last term, but after contract talks stalled this summer, his future was heavily speculated on, with the Express and Star carrying reports of Fulham's interest.
As a result, McDonald's form has dipped this season, but after he came off the bench in Wolves' weekend fixture against Brighton & Hove Albion, following a red card to Conor Coady, Jackett says that he has faith that the former Sheffield United man will find his feet again soon.
“I am sure that Kevin will want to get back to playing and playing at his best,” he said.
“He has been a very influential player for us and at 26 I have got confidence that his best times are ahead of him.
“Tactically it was right to put another central midfielder on and leave Benik up there and at the right time try to get the wide men up alongside him and get Dave Edwards forward in support."
McDonald's failure to agree a new deal at Wolves came as a big surprise over the summer, as he played such an influential role last season.
The 26-year-old was a virtual mainstay in the team during the 2014/15 campaign, and he was tasked with setting the tone for the side's performances - with his passing ability crucial in allowing their attacking players to shine.
McDonald has made five starts for Wolves already this season, but his failure to find his best form has become a source of frustration.
The Scot's contract expires in the summer of 2016, and the Express and Star report that an agreement between the two parties is still some way off.