After watching Rooney labour for an hour against Bolton on Sunday, Keegan used his platform as a media pundit to claim the striker's confidence was 'shot'.
Keegan also questioned the magazine deals Manchester United striker Rooney has done with wife Coleen and the subsequent intrusion into his private life.
Get your coat: Rooney has failed to shine since his poor showing at World Cup
As the 24-year-old is sidelined for three weeks with an ankle injury,it is not a theory that can be put to the test anytime soon.
However, Giggs is certain Keegan has got it wrong.
Testing times: Giggs isn't worried about Rooney's form
'I don't see a confidence issue. When you are scoring goals you thinkyou are going to score every game. That has always been the same.
'But it is not a worry, for Wayne or United as a team.'
Giggs is not fearful for Rooney at all. The England star may have scored just once so far this season, from the penalty spot against West Ham last month, but he has proven more than enough times at United just what a talent he is.
And Giggs feels it is only a matter of time before his skills are on show again.
'In my experience the only way to deal with it is to go on the training pitch and work hard.
'The rest will eventually come because the quality is there. When you are playing at United, you are there to be shot down.'
'All you need is to lose a bit of form or you have a few injuries that mean you are not quite firing.
'Wayne set such high standards last season. He was winning games on his own. We knew it could not carry on.
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