Gary Speed and former Fulham boss Chris Coleman are also said to be amoungst the favourites for the role.
Jewell has been out of football since he left Wigan after the final day survival at the end of last season.
Aside from media work for the BBC, and his column in the Metro newspaper, the former Bradford striker should have enjoyed plenty of relaxation and could well be ready to take up a new post within the game.
Selected Odds to replace Lee at Bolton
Paul Jewell 4/5
Chris Coleman 11/2
Alex Mcleish 13/2
Peter Reid 7/1
Gary Speed 8/1
Adrian Boothroyd 10/1
Ricky Sbragia 12/1
Steve Bruce 14/1
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