Bullard is on the shopping list of QPR manager Neil Warnock.
Jewell told BBC Radio Suffolk: "The owners there are not prepared to let Jimmy go out on loan unless there's a huge contribution to his wages.
"It's a deal we'd both like to do but if it's a messy deal financially you just can't do it.
"Jimmy was great for us and I think we were good to Jimmy. But finances speak at the end of the day. Jimmy's on a fantastic contract there, he's on a top Premier League contract, everybody knows that.
"He probably won't play here again. That's not through a lack of ambition, it's just through being realistic - we can't pay the money Hull and Jimmy are looking for. Jimmy's got two years left on a huge deal and after hours of negotiations it's not going to happen."