There has been talk of a five-year contract, although a two-year extension to the 12 months he has left on his current deal looks the more likely.
Whelan is in no doubt Jewell can rise to the highest level of English football and wouldn't stand in his way if an offer came along.
He said: "There's no way I could see Paul moving to another club except if it was to one of the top clubs in the land.
"I honestly think he is good enough to manage Liverpool or Manchester United and if a club like that wanted him, I'd shake Paul's hand and wish good luck.
"I would never stand in his way, he's too good for that, but there are only six clubs in this country who would get him because he enjoys it with Wigan and we work well together.
"We're talking about an extension to his contract which I hope we will agree next week.
"It's basically agreed but he wouldn't sign until he knew which division we would be in because he thinks about the team and the staff who work with him."
The contract negotiations, and new deals for his coaching staff, are topics Jewell will talk to Whelan about during the club's holiday in Barbados.
Although the players will be encouraged to let their hair down and celebrate earning promotion, it will be working holiday for the manager and chairman.
Jewell said: "We're having a couple of days off at the moment to reflect on what we've done but that is literally it.
"We need to sit down to discuss next season very soon to give ourselves enough time to build a squad.
"Although the holiday in Barbados is supposed to be a jolly, I will be using the time to talk to the chairman and get plans in place."
The retained list in one of items on the agenda, with some of the senior squad out of contract next month.
Jason Jarrett, Steve McMillan and Gary Teale – who all featured against Reading on Sunday – are among those waiting to hear about their
futures.
Meanwhile, Jewell admitted he shunned most of the promotion celebrations in favour of a quiet night at home.
He joined a private party for the players and their families at the ground but left them to paint the town blue.
Jewell said: "I drove home, had a couple of pints in the local, and was back in the house for 9pm with my feet up.
"It was as low-key as you could get it because I always had the confidence we would get the win to be promoted.
"I wanted to get away from the celebrations because there are only a certain amount of times I can have people slapping me on the back and offering congratulations.
"That's just the way I am, and I wanted to get back to the peace and tranquility of my living room at home."
Latics have to fork out £450,000 to West Brom after two clauses were triggered in Jason Roberts' contract on Sunday.
Latics must find £250,000 for gaining promotion, and another £200,000 as the game marked Roberts' 60th appearance.