The Sun says Jewell was in talks with chairman Adam Pearson for most of yesterday and has verbally agreed to take charge of the rock-bottom Rams.
Pearson was originally told by Jewell's advisers that he was patiently waiting for another job at a rival Premier League club.
But when it became clear that club was not prepared to appoint him immediately, Pearson was given the OK to open talks.
Jewell's contract is worth £1.5million a year. But that will be cut to £750,000 in the event of a return to the Championship.
He has already turned down offers from Leicester, the Republic of Ireland and old club Wigan to return to the game, as he hung on for a club with a strong fan base, excellent facilities and the prospect of financial investment.
Pearson is confident that cash injection will be in place by the summer, convincing Jewell, 43, to sign up.
Hutchings, Jewell's No 2 at Wigan and Bradford City, will join him. Ex-Burnley boss Stan Ternent will also have a role.