It's almost a fortnight since news of Latics' interest in Blake leaked out, with them bidding £500,000 and £600,000 before this latest offer.
But Burnley don't want to do business and are angry that the series of bids have unsettled their skipper, who still has 18 months of his contract to run at Turf Moor.
Jewell believes that £700,000 is a fair price for the 28-year-old and seems reluctant to raise the bid again, although he hasn't totally ended his interest.
He said: "It looks like that is going to be the end of it and we are certainly not going any higher than that.
"Both the Burnley people and ourselves are disappointed that this has come out into the public domain because that's not something we wanted to happen.
"It's not fair on Burnley because they have a player who is unsettled by all this.
"His agent has told me Robbie would like to come but obviously Burnley is his club and they have to do what is best for them.
"Every player has his price and we believe we have offered a fair price for Blakey.
"If that is the end of it, unfortunately we will have to move on to someone else.
"It's now up to Burnley if there is going to be any change.
"I don't want this to drag on because it's not fair on Burnley and not fair on the player.
"This has become a protracted saga but it now looks like Blakey is going to be staying at Burnley."
Jewell revealed he hasn't had any luck either with an offer for a second transfer target – a striker playing in the Championship.
"We put in an offer three weeks ago but the lad hasn't stopped scoring goals since then, so I think there are going to be Premier League teams queueing up to take him," he said.
Latics are refusing to name the player concerned, but reading between the lines, Crewe's Dean Ashton appears to be the target.
On the outgoing transfer front, Jewell has allowed Paul Mitchell to join MK Dons on a month's loan while he has poured cold water on speculation linking Lee McCulloch with a move to Stoke City.
Potters boss Tony Pulis revealed yesterday that McCulloch was one of many players he had looked at, but the interest had gone no further.
Jewell said: "Tony might well be interested but he hasn't made a bid. We are trying to sort out Lee with an extension to his contract which I think will be resolved in the next couple of days."
Unless there is some late incoming transfer activity by the close of business today, Latics are likely to be unchanged against Gillingham at the JJB Stadium tomorrow.
It's the first game in charge of the Gills for Stan Ternent, and Jewell is expecting a tough encounter against the strugglers.
He said: "Stan's appointment will have given Gillingham a big lift and I think they will be harder to beat tomorrow than they were before.
"It's important that we are patient because I imagine they will try and stifle the game and slow it down.
"The crowd have a big part to play – when they get behind us, it makes such a difference."