Reports on Tuesday suggested the former Scunthorpe player had left St James' Park, only for the club to release a statement confirming the 57-year-old had not been sacked.
The LMA's chief executive Richard Bevan has added to the intrigue by saying: "Newcastle football club and its fans are massively important to Kevin and he has not resigned as manager of the club.
"The LMA will keep supporters, media and other stakeholders within the game fully informed of developments.
"Over the course of the next few days Kevin will be communicating with the club's board to discuss a number of important issues."
Earlier Newcastle's statement had read: "Newcastle United can confirm that meetings between members of the board and manager Kevin Keegan were held both yesterday and today.
"Kevin has raised a number of issues and those have been discussed with him.
"The club wants to keep progressing with its long-term strategy and would like to stress that Kevin is extremely important, both now and in the future.
"Newcastle United values the effort and commitment shown by Kevin since his return to St James' Park and wants him to continue to play an instrumental role as manager of the club.
"For the avoidance of doubt, the club has not sacked Kevin Keegan as manager."
Keegan was said to be unhappy with the board over recent transfer decisions after losing James Milner for £12million and then seeing only striker Xisco and loan signing Ignacio Gonzalez arrive on Tyneside.