Keegan has been out of football since quitting Newcastle in September
Former Southampton chairman Leon Crouch has refused to comment on speculation suggesting that Kevin Keegan may make a sensational return to the club.
Local newspaper reports have linked the relegated League One club with their former star player of the early 1980s.
Current boss Mark Wotte's contract runs out on 30 June, and he is due to clarify his position with the club's intended new owners on Friday.
But Crouch's Pinnacle group insist Keegan has not had a formal approach.
BBC Radio Solent sports editor Adam Blackmore told Radio 5 Live: "We've seen photos this morning taken on a mobile seemingly showing Kevin Keegan with Matt Le Tissier and former chairman Leon Crouch, although none with the three of them together.
"Le Tissier is due to become chairman of the new board at the club if the takeover is completed successfully, and Crouch has been helping the Pinnacle group with that deal.
"Mark Wotte is still under contract. The deal is due to be completed on Friday and then people will speak."
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