A Premier League independent arbitration panel hearing drew to a close on Friday , and judgement has been reserved.
It is now understood the panel's findings may not be announced for upto a fortnight.
League Managers Association chief executive Richard Bevan: "Having heard the evidence from both sides, the panel has reserved judgement, and there will be no further comment on the process until they have published their findings."
Kevin Keegan claimed his position had become untenable after the deadline day arrivals of Spanish striker Xisco and loan signing Ignacio Gonzalez, both allegedly without his knowledge, as the recruitment team, then headed by executive director (football) Dennis Wise, went about its business.
Newcastle's counter-claim is that Keegan knew the set-up and that, by walking out of the club, had broken his contract.
With Keegan looking odds-on to win the case, Press Association Sport revealed yesterday that the worst-case scenario could leave the Magpies with a bill far in excess of the £9million reported value of his claim.
If that proved the case, putting the club into administration would be an option, if the most extreme one.