Jutkiewicz has scored five goals in 12 appearances since arriving on loan from Burnley in August - a deal which contains an option to buy agreement.
And Rowett confirmed that nothing is set in stone beyond 2 January, when Jutkiewicz's St. Andrew's spell ends.
"I don't want to go into too much detail because that's not really fair on any other club," the 42-year-old said.
"Any option is great but even if you agree an option and exercise it, you've still got to deal with the player and his representative.
"Of course, if there's interest from other clubs, then a player can do whatever they want. They can say 'I don't want to sign for you, I want to sign for someone else'.
"An option just gives us something in writing that we know that figure and it's not going to suddenly extend to five times its value."
Jutkiewicz's Turf Moor contract expires in the summer, making him a potential bargain for someone in January, and that will perhaps suit Derby, who racked up a significant amount in transfer fees last season.
The Rams don't currently possess a natural target man, having allowed Chris Martin to join Fulham on deadline day, and new boss Steve McClaren will perhaps want to replace the Scotland international, who was a key player throughout his previous reign.
Blues boss Rowett was listed as a possible replacement for former Derby manager Nigel Pearson before McClaren was reappointed.