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.