Keegan said he resigned due to a lack of control over transfer activity
Former Newcastle boss Kevin Keegan has met the club's owner Mike Ashley for talks just eight days after his surprise departure from St James' Park.
The League Managers' Association, which is in contact with Keegan, said the talks covered several issues, but did not reach a "satisfactory conclusion".
It was unclear whether the meeting was primarily to discuss a possible return or negotiate terms of Keegan's exit.
Keegan, 57, quit after eight months in his second spell as Magpies boss.
Nicknamed the 'Geordie Messiah', fans' favourite Keegan stepped down as manager on 4 September after stating he had no control over transfer dealings.
BBC Radio 5 Live football correspondent Jonathan Legard indicated Ashley may have gambled on being able to lure Keegan back at the talks in London on Friday.
"As I understand it the dice have been rolled by Mike Ashley, and they won't be rolled again with Kevin Keegan present," said Legard.
We appreciate things may be difficult for the fans at the moment
Newcastle coach Chris Houghton
He said it would require a radical restructure at the club for Keegan to consider returning.
"Kevin Keegan has to have overall charge of transfer policy and overall charge of first-team affairs. In that sense the talks were doomed," added Legard.
Keegan's contract with the club is thought to have included a clause that whichever party broke it would owe the other £2m in compensation.
It has been suggested Keegan could try to counter this by pursuing a claim for constructive dismissal.
When news of Friday's meeting broke, some bookmakers responded by suspending betting on Keegan taking over as the next manager.
Protests by supporters followed Keegan's resignation, with some laying the blame on Ashley and executive director for football Dennis Wise, who is believed to be largely responsible for transfer dealings.
And supporters angry at his departure and Ashley's running of the club are due to stage demonstrations before, during and after the home game against Hull City on Saturday.
As many as five separate demonstrations may take place in Newcastle city centre on Saturday.
Northumbria Police say extra officers will be on duty and have urged fans to vent their frustration peacefully.
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