Keegan was summoned to meet the billionaire after comments when he admitted that Newcastle was "a million miles away" from challenging the top four.
But after the pair, along with chairman Chris Mort, newly-appointed deputy chairman Derek Llambias, executive director (football) Dennis Wise and vice-president (player recruitment) Tony Jimenez, got together on Friday, the meeting at Freshfields ended with plans for the future in place.
Mort: "It was a good meeting. It was both productive and constructive."
The former England boss has never been afraid to air his feelings in public, like the time he said "this is not like it was in the brochure" during his first reign at St James' Park.
Sir John Hall lured him to St James' Park with a promise of millions to spend, but then the chairman tightened the purse strings. And this story smacks of deja vu.
The appointment of Dennis Wise hit a nerve with KK, and don't believe the aftermath when he insisted "yes, I knew Dennis was a target for the club."
He did NOT know, and he was shaken when the press told him the appointment had been made. He halted the press conference and said: "You had better talk to the chairman about that, obviously he knows more about that I do."
Some behind-the-scenes people felt he was on the verge of walking out right then, but a meeting with Ashley put the record straight.
Keegan: "Part of my job as manager of Newcastle United is to tell fans what's happening at their club.
"Part of the media's job is to report it correctly and keep it in context and not go off on tangents.
"You can take the same phrase three different ways, and it can mean three different things. You know that.
"I will continue to do what I have always done while I have been manager of Newcastle United, and at Manchester City and at Fulham and with England. I haven't changed.
"I am not scared of saying what I think the situation is, and I won't change that."