Although Rowett now has other targets, he still has Stewart on his radar.
“We’ve been chasing him for a while but we haven’t managed, as yet, to complete the deal with personal terms,” he told BBC WM.
Despite the disappointment, Rowett says Stewart remains a player he likes.
“He’s a player that’s up and coming and has scored a lot of goals already this season, but all you can do is put a case forward and try to sign someone and the rest is up to them,” Rowett said.
“We’ll maintain the interest and it’s not 100% dead, but because we haven’t managed to get the deal over the line straight away, we’ve chosen to look at other options.”
Rowett will be patient in search for ‘fantastic bargains’
With three players already added to the Blues squad, Rowett says it is unlikely any more will follow in the immediate future.
But, with the transfer window closing on 31 August, Rowett knows he still has plenty of time to snap up further signings to add to striker Che Adams, defender Ryan Shotton and midfielder Robert Tesche.
“To get any more in now would probably not be the right timing,” Rowett said.
“We’ll take out time and there’s still going to be some fantastic bargains to be had in the last few weeks of the transfer window and it’s just going to be down to me to hold my nerve to nail a few good ones.”
Birmingham opened their Championship season with a goalless draw against Cardiff and were beaten by Oxford United in the first round of the EFL Cup.