Fans this week feared they had seen Keegan for the last time after he resigned on Thursday night, believing his position as manager had become untenable.

Keegan, however, still feels he has unfinished business on Tyneside, and there is interest in the club from at least one consortium, despite Ashley's insistence that it is not for sale

The 57-year-old is spending time with his family ahead of a possible legal battle with his former employers, with one report suggesting Ashley and managing director Derek Llambias will now seek £2m damages from him for walking away from the managerial job.

Keegan himself could launch a counter claim for constructive dismissal, arguing the appointment of Dennis Wise as executive director football shortly after his return, and the subsequent decisions made in the transfer market behind his back, had undermined his authority.

He knows he has the backing of the vast majority of supporters, who feel he has been treated shabbily by the club he has served as a player and twice as manager.
A
nd India's Reliance Communications is still understood to be keen to buy an English club, with Newcastle the favoured option for its cash-rich owner Anil Ambani, who has a fortune of around £21bn.

Ashley publicly ruled out a sale last month, with the billionaire insisting he is looking for investors, not buyers.

However, the ill feeling towards him from supporters could yet see a change in heart, and Reliance is reported to be ready to seek formal talks with a view to a possible £220m takeover.

Sources close to Ambani say, in the event of a successful takeover, they would approach Keegan about a return to the club.

Meanwhile, Alan Shearer has claimed he would not take the manager's job under the current set-up.

Shearer said: "I would like to be a manager at some stage in my career, but that means controlling the players that go in and the players that go out.

"I don't think I would be comfortable working within a structure with a director of football who was picking and choosing the players for me.

"I know the fans are very unhappy at the moment. They have voiced their opinions and they are more than entitled to do that because without the fans, there is no Newcastle United.

"There are going to be a million names thrown around and they are going to have to make a decision quickly, before the next game."