Jarvis ultimately made the switch to West Ham United in a club-record deal and Pulis admits Stoke could not match the price they paid for him.
The Potters manager remains an admirer of Jarvis ahead of Monday's match against West Ham, but has no regrets over a missing out on a deal as he has been delighted with Kightly's efforts so far this season.
Kightly, like Jarvis, left Wolverhampton Wanderers during the transfer window following their relegation from the Premier League.
"Jarvis was one we were interested in but the deal West Ham paid for him was always going to be a little bit too rich for us," Pulis said in the Daily Star Sunday.
"He's a good honest lad and he's an old-fashioned winger who gets down the line and gets the crosses in. He will give you that service.
"But the deal was a little bit too much for us. Michael's been very good for us. He's a great lad and works his socks off."