But Jewell today described the story as "rubbish" and said there had been no contact made by either Glasgow club.
McCulloch signed a three-year contract extension at the JJB Stadium less than 12 months ago and has become a vital part of the Latics midfield.
They lost their opening two games in the Premiership when he was sidelined with a knee injury, but his return to action has coincided with a four-match unbeaten run in the league.
His profile has grown north of the border since his call-up into the Scotland squad, with the 27-year-old winning four caps so far.
McCulloch will find out tomorrow morning whether he's in Walter Smith's latest squad for the two World Cup qualifiers at home to Belarus and away in Slovenia.
The chances are he will be, as the former Motherwell player only missed out on the last double-header against Italy and Norway due to injury.
Rather than let players leave in the January window, Jewell will be looking to add to the Latics squad and build on the solid start in the top flight.
Weekend reports linked him with a £700,000 bid for Wycombe's highly-rated
striker Nathan Tyson, who is also interesting Sheffield Wednesday.
But it might be that Jewell aims higher, with the club keeping tabs on a number of players in Europe, including Turkey striker Fatih Tekke, who was a summer target.
Of more immediate concern to Jewell is Sunday's derby clash against Bolton at the JJB – the first league meeting between the local rivals for more than 12 years.
He said: "All eyes are on Bolton now because it's the next game for us.
"We enjoyed the win at Everton but we have to move on and try to build on that by picking up a result on Sunday.
"It will be a tough game as Bolton are doing well in the league, and is one we're looking forward too."
The game, which has a 1pm kick-off on police advice, is expected to attract Latics' second highest attendance since stepping up to the Premiership.
It should beat the 16,641 crowd which watched the draw against Middlesbrough nine days ago, and the 17,223 gate for Sunderland's visit last month.
But it's unlikely to top the visit of Chelsea on the opening day of the season which attracted 23,575 fans.
Bolton have so far sold 2,600 of their 5,000 allocation in the North Stand, and Latics officials hope for a crowd around 20,000-mark.
Supporters have until 2pm on Saturday to buy tickets as the ticket office is closed on matchday.
Latics midfielder Josip Skoko will fly to Holland after the Bolton game to join a training camp with the Australia squad.
The Socceroos play a friendly against Jamaica at Fulham's Craven Cottage on Sunday, October 9, with Skoko expected to feature.