Newcastle has two options, revamping or relocating. The general public are set to see the proposals on the table in due course at the Fan Advisory Board, where they will review all options before deciding what the plan of action will be for the future home of the club.
Speaking at Gosforth Park hotel at a fund raiser for NSPCC, Keegan spoke to fans about the decision which is similar to a lot of top clubs who often choose a new stadium over heritage and history.
"If I am being really honest, I get the connection with where you are now at St James' Park. I had the same situation when I was at Man City all those years ago with Maine Road which had been allowed to decline.
"It was run down, and when we talked about moving to the Commonwealth Games Stadium, which is now the Etihad, there were loads of fans saying: 'If we leave Maine Road, I'm never going to watch this team again'.
"They'd come with their father, and all their memories were at that ground, and I think that is the big thing here at Newcastle. I know there are listed buildings (East Stand), but if you could just put another side on it and get that 10,000 or 15,000 in it, whatever that would give, I think where it is, it's fine. But it's not going to happen because you have those listed buildings.
"You as a group of fans, not the club, will one day have to decide whether you want to go into that next big league. When I say big league I am talking about the attendance level. Or whether you want to stay in a ground where you love and your memories are there. If you could get an extra 10,000 in, that is a lot of people over 20-odd games, so yeah, it is a tough one for you."
The atmosphere at St.James' Park has been questioned in recent seasons and after the Magpies' 2-1 FA Cup exit to Brighton plans to either help the stadium improve or construct an entirely new one may be sped up so fans can make a bigger impact on the game as a whole.