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The League Managers' Association, which has been in close contact with Keegan, 57, said the talks had ended without "satisfactory conclusion".
Keegan was in charge for eight months in his second spell as Magpies boss.
He stepped down as manager on September 4 after stating he had no control over transfer dealings.
It remains unclear whether the talks to discuss Keegan's possible return to St James' Park or negotiate terms of his departure.
Keegan's contract with the club is thought to have included a clause that whichever party broke it would owe the other Ј2m in compensation.
It has been suggested Keegan could try to counter this by pursuing a claim for constructive dismissal.
When news of the meeting broke some bookmakers responded by suspending betting on Keegan taking over as the next manager.
Protests by supporters followed Keegan's departure, 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 angry Newcastle supporters are expected to demonstrate against Ashley when the Magpies face Hull City at St James' Park on Saturday.
As many as five separate demonstrations may take place in Newcastle city centre before, during and after the match.
Northumbria Police say extra officers will be on duty and have urged fans to vent their frustration peacefully.
Coach Chris Hughton has been placed in charge for the visit of Hull and has appealed to supporters to get behind Newcastle's players.
"We appreciate things may be difficult for the fans at the moment," said Hughton.
"But one thing Newcastle supporters are renowned for is their support of the team."
Following Keegan's departure Newcastle issued a statement insisting that Keegan was fully aware of his role within the club's management structure.
Newcastle have yet to comment on the talks between Ashley and Keegan.
(BBC)
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