The Latics are searching for their second manager in six months following the departure of Owen Coyle, who was sacked after losing three home games inside a week and losing the support of the fans.
Jewell previously spent six years with the club between 2001 and 2006, leading them from Division Two into the Premier League and keeping them up in their first season in top-flight football.
However, the 49-year-old said that he is enjoying his time out of management, although he does plan to return at some point in the future.
"It's a club that's very close to my heart and we had a decent time there," he told talkSPORT. "I'm not going to apply for the job though. I'm enjoying my media work at the moment.
"It's a really good job for someone though. Whoever gets that job will have a decent season. If you win one or two games in that Championship, you're back in the hunt for a play-off place.
"Football is in my blood and, ultimately, I do want to get back on the training pitch and have another go."
Jewell has been without a club since leaving Ipswich Town by mutual consent in October of last year.