The Cottagers were among those to express an interest in Belgium international Mirallas over the summer, but were put off by the demands of Greek outfit Olympiakos.
The highly-rated forward did end up in England, at Everton, but Jol has no regrets at having refused to splash the cash.
The Dutchman, who was able to complete a number of shrewd acquisitions, said: "We could have had him (Mirallas) but he was six or seven million. It is not like (Mladen) Petric on a free or (Hugo) Rodallega on a free or (Dimitar) Berbatov.
"Mirallas was not a bargain but they (Everton) did well to pick him up. Mirallas was top scorer in Greece up front where he played on the left and the right and he is doing well.
"Everton don't buy five or six players. They buy one or two each year and then try to fit them in. That is their strength.
"They don't have to chop and change all the time. But you can't say no-one knew about Mirallas. He was playing in this fantastic Belgium team, with all these great players such as (Mousa) Dembele and (Thomas) Vermaelen.
"I think they will be unbelievable in the future and he (Mirallas) is playing in that team."
Jol would, however, have no problem asking his board for backing if the right target became available.
Ahead of a weekend meeting with Everton, Jol added: "Of course we would do it if it was necessary.
"I always try to find the real bargains and I think we did that. With (Nikica) Jelavic Everton probably did that."