SM users are on another level than Itachi and Sasuke. They're having trouble fighting Kabuto but he's yet to show an answer to a lot of attacks in the two SM users' arsenal. Kabuto is going to have a serious problem underestimating a Sannin, if he tries to liquify like he did against Itachi and Sasuke, unlike those two, Jiraiya can use Goemon to fry him with ease.
He still doesn't show an answer to Chou Odama Rasengan Barrage or quite a bit of any of these techniques for the matter. With boss summon spams and Naruto backing him Jiraiya can easily prepare the frog song genjutsu if need be, Kabuto blocked eyesight to defend against sharingan genjutsu, fortunately again he doesn't have an answer to the sound form of genjutsu.
Nothing Kabuto has can really kill the two at this point, Jiraiya's experience is simply out of everyone's league who's fought Kabuto thus far and he has one of the most widest array of jutsu of handling him in the series, I'd be willing to say Jiraiya takes him alone at this point. Example A, Kabuto tries what happens last chapter, the sword will simply shatter on Sage Mode skin. The list could go on.