Chief executive Simon Clegg insisted Keane is not under threat despite a recent dismal run of eight defeats in 10 league games.
Clegg was speaking after the club's annual general meeting and was adamant that Keane continued to enjoy the support of both him and multi-millionaire owner Marcus Evans.
Hanging on: Under-pressure Ipswich manager Roy Keane has been told his job is not under threat. yet
Clegg said: 'The owner and I are absolutely joined at the hip regarding Roy. If we weren't supporting Roy he wouldn't be here now.
'There's no timescale on it at all, other than the fact that Roy's contract is up at the end of the season.
'We all know that Roy is a very driven individual, a very focused individual, not used to accepting failure.
'I there's anyone who can turn it around, Roy Keane can.'
Ipswich have been in freefall, sliding down the Championship table from third to 17th place - and Keane himself has questioned how long he can survive.
One shareholder asked him: 'You said you'd get us promoted in two seasons so is this your last AGM?'
Without hesitation former Manchester United player Keane responded: 'Possibly so, but it might be yours as well.'
Bad run: Struggling Ipswich slumped to defeat at Portman Road against Swansea last weekend
The room erupted in laughter before Keane continued: 'When I first met the owner he offered me a three-year contract.
''But me being me I said 'I'll do it in two'. I do set myself high standards. In hindsight it might take a little bit longer.
'I set the bar high and if people think I've set myself up for a fall I've no problem with that. There's a good chance this will be my last AGM. If we don't get results I will lose my job.
'Don't worry about my position. If I leave in a few months or if I leave next week I certainly won't regret taking the Ipswich job. I'm very proud -but I live in the real world.
'Chris Hughton lost his job yesterday - a top, top manager and a really good bloke. I'm under no illusions. If I don't get results I'll be out of a job.'
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