The Geordie Messiah's return in January was widely welcomed by Newcastle fans. But since then Keegan has taken charge of seven games with no wins. The 1-0 defeat to Blackburn on Saturday has left the team only three points clear of the drop zone.
Keegan has blamed Newcastle's current situation on the club's failure to strengthen the team during the transfer window combined with the confidence level of the players he inherited from Sam Allardyce.
Super Kev has been out of football management since quitting the Man City job in 2005. Since then he has been running his "Soccer Circus" football academy in Glasgow.
It is reported that Newcastle owner and football visionary Ashley will not replace Keegan before the end of the season.
However, showing his undying loyalty to the manager he installed in January, Ashley is said to be regretting not hiring the current Blackburn manager Mark Huges. Don't say we told you so.