A sensational return to Newcastle United for Kevin Keegan appeared unlikely on Friday night depsite the former boss meeting with club owner Mike Ashley.
The League Managers' Association confirmed talks were held between the pair but revealed "the discussion failed to reach a satisfactory conclusion''.
An LMA statement read: "The League Managers Association can confirm that talks to resolve several issues were held today between Kevin Keegan and Mike Ashley of Newcastle United Football Club.
"However, the discussion failed to reach a satisfactory conclusion."
It is not clear whether or not the two men will hold further talks after the news of the unexpected meeting sparked hopes of a reconciliation on Tyneside. It is possible the pair may have been meeting to discuss a compromise over the terms of Keegan's departure.
The duo met in London just eight days after Keegan handed in his resignation in a row over transfer policy.
The news had prompted the bookmakers to slash their prices or even suspend their markets.
Keegan quit after a row over the management structure at St James' Park where Dennis Wise holds the role of executive director (football).
The former England boss was not happy that he did not have the final say over the comings and goings of players - something the club later denied.
Keegan said after quitting: "It's my opinion that a manager must have the right to manage and that clubs should not impose upon any manager any player that he does not want."
The manager was furious with the way the club had addressed the process of
strengthening his squad when, after selling midfielder James Milner to Aston
Villa for £12million with just days of the summer transfer window remaining,
they recruited only Spain Under-21 striker Xisco and loan signing Ignacio
Gonzalez.
Fans have been left furious at Ashley with the vast majority still wanting Keegan in charge of their team.
Numerous supporters' groups have planned protests at and before Saturday's home Premier League game with Hull.
Spurs' assistant manager Gustavo Poyet, who has worked with Wise in the past at Leeds, had been the previous favourite, while Blackburn boss Paul Ince had also been linked with the post.
Keegan made a celebrated return to Newcastle in January when he replaced Sam Allardyce, whose reign at the club had been short and unsuccessful.
Although his team struggled in his opening games, Keegan had Newcastle playing attractive football towards the end of the season and an impressive run of results saw them pull well clear of relegation danger.
Hopes for this season were high, and the signings of players including Fabricio Coloccini and Jonas Gutierrez appeared to strengthen Keegan's squad.
However, the dealings in the final week of the transfer window left Keegan dispirited and led to his departure.
Keegan's assistant Terry McDermott and reserve team coach Adam Sadler have also left the club this week.
McDermott had been taking first-team coaching since Keegan's position at the club were first cast into doubt on September 2.
McDermott had a long coaching association with the club dating back to Keegan's first stint in charge in 1992.
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