Try File > Export > Export As, and choose Jpeg from the file format box.
That's a quick and dirty answer. If you have layers in your file, it cannot be saved as a jpeg. You would have to use the Flatten image command in the Layers Panel and your file should then have one layer with a padlock icon. Then jpeg will show up in the "save as" list.
Thanks so much. Yes, it is working. But one important thing I forgot to mention in my original ask was this issue is happening only with images processed using earlier version of photoshop. When am reopening a TIF or PSD file created with an earlier PS version and trying to save them as jpeg am not finding the option. There's no such issue with opening a RAW file with current version of PS and saving it as Jpeg. apologies, I should have made it clear in my original question