The striker has just a year left on his Newcastle United contract, and it is understood he will be offered a new deal, but on vastly-reduced terms.
As for the link with Sir Alex Ferguson's newly-crowned Premier League champions, Keegan quipped: "Don't believe all that you have read!"
Owen, who is on a reported £120,000 a week, is said to have been asked to take a £40,000 a week pay cut as the new regime tries to implement a new wage structure.