Keegan's last managerial role was at Manchester City

Keegan, 56, stepped down from his last job as Manchester City manager in March 2005 and now runs interactive football attraction Soccer Circus in Glasgow.

"I don't think it will happen," he told BBC One's Inside Sport. "I think my life has gone in a different direction.

"You never know, I mean I do get offers to go back into football, but I made a decision that I would come and do something different with my life."

Inside Sport: Keegan talks management

He added: "I mean I haven't watched a game of football, I mean live, since my last game at Manchester City and I can't even remember what game that was now."

It's very difficult to get into the top four because of the money teams get from being in there Kevin Keegan

Keegan went into management after a glorious playing career with, among others, Liverpool and Hamburg, which earned him four league titles, a European Cup, two European Footballer of the Year awards and 63 caps.

He became Newcastle boss in 1992 and spent five rollercoaster years there before spells with Fulham, England and Manchester City.

Keegan was linked with a return to Newcastle in the summer as director of football after lifelong Magpies fan Mike Ashley took control of the club.

Manager Sam Allardyce was reportedly unhappy at the prospect but Keegan says he would never go back to St James' Park in that capacity.

"It's absolutely impossible to give Sam Allardyce a job at Newcastle and then go and fetch someone who is going to be some sort of threat, it doesn't work," said Keegan.

"Sam would be a fool to let it happen and the guy who goes in would be a fool to accept it.

"The chairman, who is not a fool, would be a fool to go and do it, too. It doesn't work."

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Keegan, who led Newcastle to second place in the Premier League in 1996, also believes the monopoly Manchester United, Chelsea, Arsenal and Liverpool have had on the top four places is bad for the English game.

He said: "It's very difficult to get into the top four. Why? Because the money they get from being there keeps them away from the others down there.

"So when you are at the smaller clubs or even some of the bigger clubs that aren't in there, it's about how you get in - it's very very difficult, as Newcastle and Man City have found out.

"Everyone says there are the top four and they are one league and then there's another league.