
Wigan, who lie in the relegation zone in the English Premier League, sacked Hutchings after just 12 league games.
And Jewell, who stood down as Wigan manager in the summer saying he needed a rest, is the new bookmakers' favourite after quotes from the 43-year-old saying he would listen to any offer to rejoin the club.
"I'm surprised to learn I have been offered my old job back. I've had no contact with Wigan," Jewell was quoted as saying by The Metro newspaper.
"But after six months away I am ready and willing to return to work. I will consider any offers that come my way."
In his six years with the club, Jewell helped them to win League One in 2002-03, and then to runners-up spot in the Championship in 2004-05 to reach the Premier League for the first time in their history.
"I needed a break as the job consumes you 24 hours a day, seven days a week," Jewell said. "I firmly believe I will return to football refreshed and a better manager.
"Talk of me returning to Wigan is a little awkward because me and Chris Hutchings are really good friends. I am doubly disappointed it has not worked out for him because of our relationship and the fact I recommended him for the job.
"In the meantime I'm going to continue enjoying playing golf until I get a better offer."
Graeme Souness, who has managed Liverpool, Southampton, Newcastle United and Blackburn in the Premier League, had been favourite before Jewell's comments.
Peter Reid, Joe Royle and Alex McLeish are among others believed to be linked with the job.