03-09-2008 09:30
BBC Sport understands Keegan had at one stage left the club, although Newcastle issued a statement later on Monday, insisting he was still their manager.
The cause of the latest crisis at St James' Park seems to centre on Keegan's unhappiness with the club's relative lack of signings in recent weeks.
Report: Keegan confusion hits Newcastle He had voiced his belief on Friday - after winger James Milner's £12m departure for Aston Villa - that he would have three or four more players at his disposal by midnight on Monday.
In the event, only striker Xisco and loan signing Ignacio Gonzalez arrived on Tyneside, while troubled midfielder Joey Barton was the subject of an unsuccessful approach from another top-flight club.
The role of former Leeds manager Dennis Wise, who occupies the position of executive director of football at the club, is another subject likely to have been under discussion at the meetings.
Following news that Keegan's position was under threat, Newcastle supporters flocked to St James' Park on Tuesday to register their support for the manager and protest against Ashley, calling for him to step down.
It was a very different reaction for Ashley back in June 2007, when he was deemed the club's saviour after completing a £135m takeover.
Angry Newcastle fans gathered outside the ground during the day He then sacked Sam Allardyce as manager at the start of 2008 after a run of poor results and shocked the football world by bringing back Keegan for a second spell in charge.
In his first stint as manager, between 1992 and 1997, he saved the Magpies from dropping into the third tier of English football and almost guided them to the Premier League title in 1997.
Keegan's relationship with Ashley was also not helped when in May the manager said he did not believe Newcastle could become a top-four club.
The Magpies currently lie 11th in the table after a positive start to the new campaign.
After drawing 1-1 with Manchester United, they beat Bolton 1-0 before losing to Arsenal 3-0.
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