He rejected a loan move to Wolves earlier in the week but is believed to be interested in a switch to the North West – he hails from East Lancashire.
Jewell first tried to sign Ormerod three years ago when he was playing for Blackpool, but the striker opted instead for a move to the Premiership with Southampton.
Then late last week, the Latics boss enquired about taking him on loan, only to be knocked back by Harry Redknapp.
But he is believed to have revived his interest in the last couple of days and Ormerod could be at the JJB Stadium in time for tomorrow's home clash with Stoke City.
Ormerod, who started his career with Accrington Stanley, has started just four games for Southampton this term.
He went on loan to Leeds earlier in the campaign but didn't have the happiest of times there, failing to score in six games. A new striker is top of Latics' wanted list as they seek to turn their promising progress into promotion reality.
Although Nathan Ellington and Jason Roberts have netted 30 goals between them, injury or suspension could break the partnership.
Ellington has been troubled by a shoulder injury since November and may require surgery if the problem worsens.
Ade Akinbiyi is another target, but the bustling forward is likely to be lining up against Latics for Stoke tomorrow.
Jewell put in an offer for him last weekend while Sheffield United have now made three bids for the striker.
The visit of the Potters could see a Latics debut for Andreas Johansson following his move from Djurgardens last month.
He's played twice for the reserves to boost his fitness and Jewell will run the rule over him in training today before deciding whether to include him in the squad. There is a vacancy in the centre of midfield, Mike Flynn who started the last game against Watford having since moved to Gillingham.
So it's a choice between Johansson, Alan Mahon and Gareth Whalley to partner Jimmy Bullard.
Whalley pulled out of the midweek reserve game against Tranmere at the last minute after picking up a slight injury but should be fit for selection.
This is Latics' first game in a fortnight due to their early FA Cup exit, and Jewell is pleased to be getting his squad back out on the pitch.
He's kept them working for most of that time and hopes the time on the training ground will stand them in good stead against the Potters.
Jewell said: "We didn't play so well against Watford in our last game but the lads have shown a tremendous attitude in training since then.
"They've looked sharp, worked hard on everything we've done, and hopefully we can take the work from the training ground on to the pitch. While the Watford display was disappointing, we still won three and drew one during January, which wasn't a bad return.
"There is still a lot of football left and no medals were ever handed out at the beginning of February."