The Latics had had a big for the striker accepted by the Posh, but the players wage demands were deemed unacceptable.
"It's no surprise these days when agents push for the those kinds of wages," said Jewell.
"The agents are entitled to ask for them, but we are entitled to say no, which is what we've done, so the deal is off.
"I'm a bit disappointed this was made public. We agreed a fee for the player, an honest and fair price, and then spoke to his agent.
"But it was obvious by the difference in figures that we were both wasting our time."