I don't think jiraya Considered Orochimaru a threat. He didin't even bother going sage mode in their fight. I think Between Those Two, Jiraya would take it. Now naruto Vs sasuke, Is this modern versions or Beginning of ship?
@Kuma_From_Argentina: And Orochimaru wasn't in top shape either. We saw against the 4-tails Kyuubi what he can actually do.People tend to overrate Sage mode...seriously. And it isn't like without some large prep time Jiraya can actually go Sage mode. Meanwhile Orochimaru can call various elite ninjas back from dead, summon dozens of towering walls in seconds, regenerate from almost any kind of wound and else. And we do know that Naruto had no chance against Sasuke at that time. Going to Kyuubi isn't really an option in his presence. The instant he tries Sasuke puts his Chidori through Naruto's heart.
@paladin: I know that, i readed the manga and watched the series (in three different languages) but even so Jiraiya is extremely powerful, he managed to beat one of the paths of Pain and is stated that Pain is the most powerful member of Akatsuki, even towering Itachi and Madara(that we know is severely depowered from what he was once)
If this battle occurs before Orochimaru's death, then this means no assimilated abilities from Orochi for Sasuke and Naruto recently learning Wind Release variations of the Rasengan, counting an incomplete Rasenshuriken. Considering this was to serve as an alternative to drawing upon Kyubi's power, I wouldn't picture Naruto relying upon it in this battle unless he gets in a desperate situation. Regardless, Naruto's still screwed in a battle with Sasuke. The Rasenshuriken is too much of a gamble for Naruto to use at this point thanks to the large chakra reserves needed to form the attack, the fact it's only usable for a few seconds and it inflicts damage onto Naruto's hands per each use. Not to mention, Naruto hasn't fully mastered use of mixing wind chakra with the Rasengan at that point while Sasuke's capable of different variations of attack with his Chidori. While wind attacks prevail over lightning in the world of Naruto, Naruto's wind variations of the Rasengan are only effective at close range while Sasuke's capable of making use of Chidori variations at mid to long range. Otherwise, a confrontation between the two would be no different from when they reunited at Orochimaru's lair.
This leaves Jiraiya and Orochimaru in the equation. Both being the Legendary Sannin are powerful adversaries. But unless the conditions for battle have a healthy Orochi involved, then he'll be at a major disadvantage for this battle as his deteriorating condition would prevent him from fighting for extended periods of time as shown when he fought a 4-tailed Kyubi Naruto. In a one-on-one fight, Jiraiya would be easily capable of holding his ground long enough until Orochi's body deteriorates enough where he can no longer fight and be finished off quickly. But with Sasuke around, the two-on-one situation would complicate things for Jiraiya as Naruto would likely have keeled over in a short amount of time and Orochi would still be healthy enough to engage in battle. Jiraiya wouldn't have any available time to prepare summons with Sasuke engaging him which would provide Orochimaru the time he needs to make such summons if necessary. So, Jiraiya would need to properly time an attack to take out Sasuke in this scenario quickly before engaging Orochimaru. Sasuke/Orochi and Jiraiya could go either way depending on how quickly each side anticipates the other's attacks. Naruto won't even be a factor in this battle since he could quickly be dispatched by Sasuke and any attempts at drawing upon the Kyubi's chakra would be thwarted by the young Uchiha.