Kevin Keegan's second reign as Newcastle manager could officially end today - but confusion reigned following an extraordinary day at St James' Park.

Speculation was rife the 57-year-old had left his post yesterday following a clash with club officials over transfer policy and the role of Dennis Wise - who quit Elland Road to take up the post of executive director of football at St James's Park.

But Newcastle issued a statement yesterday evening denying Keegan had been sacked while the manager himself was reported to have told the League Managers' Association he had not walked out.

WHAT DO YOU THINK - EMAIL US BY CLICKING HERE. WE'LL PUBLISH THE LOT.

Supporters flocked to St James' Park throughout the afternoon following reports Keegan's second spell in charge of the Magpies was over after less than a year.

Fans demonstrated against owner Mike Ashley, the man who handed Keegan his shock return to football in January, and pledged their support to the coach, whose long-term future had previously been called into doubt when he questioned the club's ability to break the established top four at the end of last term.

WISE AND POYET HOT FAVOURITES TO REPLACE KEEGAN: CLICK HERE FOR MORE.

The former England boss, who was treated to a hero's return by fans when he was named as Sam Allardyce's successor, has yet to publicly add his voice to the confusion at Newcastle, though, and as such an element of mystery lingered overnight.

The Newcastle statement 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 is understood to have made his feelings plain over the club's summer transfer activity at a meeting on Monday, and was again summoned by the hierarchy yesterday morning as rumours of his exit started to surface.

The role of former Leeds manager Dennis Wise, who occupies the position of executive director of football at the club, is another subject likely to have been under discussion at the meetings.

Keegan has been unhappy with the club's relative lack of signings in recent weeks, but voiced his belief on Friday after James Milner's £12million departure for Aston Villa that he would have three or four more players at his disposal by midnight on Monday.

In the event, only striker Xisco and loan signing Ignacio Gonzalez arrived on Tyneside, while troubled midfielder Joey Barton was the subject of an unsuccessful approach from another top-flight club.