He said: "I know the players will be getting a little bit anxious but it is a difficult one. I want to be as fair as possible to all of them because they have done magnificently for this club. But I don't know what the finances are going to be for next year, what league we are going to be in, and whether we can satisfy the players' needs.
"The fairest thing would obviously be for me to let them know straight away, but I just can't do that yet. I've had a chat with two or three of them and tried to be as forthright as I could.
"We all have families at home and mortgages to pay, and while the club has to come first, the players know me well enough and understand I'll be honest with them.
"I told Peter Kennedy a while ago we wouldn't be offering him a new contract but he is here until the end of the season. But if he can get himself fixed up to his liking, I would be prepared to let him go early.
"Every case is different and there are quite a few who are out of contract at the end of the season. There are lads here who I think can play at a higher level and others who I will have to make a decision on.
"We walked out of the Second Division and have done fantastically well in Division One so far. But I have said all along that they need help and we are trying to bring quality players in to do that. I know that I will have to upset one or two people, but that is part of my job unfortunately."
Jewell also commented on his exploration of the transfer market. It seems that PJ is keen on doing business now rather than leaving it until the end of the season, which hints that he feels the Premiership is not too far away.
He sent scouts out to a number of games this weekend with the Latics not having a game themselves after the disappointment of leaving the F.A. Cup against West Ham.
Jewell said: "We have one or two serious irons in the fire and once the January transfer windows closes, everyone in the Premiership will know where they are. I expect there to be a flood of activity in the Premiership later in the week and that might filter down to our level a bit later.
"We have certain targets and will continue to monitor them. Maybe we can take advantage when the window shuts. We are trying to get a Premiership player and it might depend on them getting someone in. At the moment we are in the hands of others and are down the ladder of things."