The panel of arbitrators brought together to hear the former Newcastle manager's claim for constructive dismissal against the sports retail tycoon will spend this weekend deliberating on the case.
The members of the Premier League independent arbitration panel are expected to reconvene on Monday to deliver their verdicts after listening to evidence from both camps over the last fortnight.
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Richard Bevan, the chief executive of the League Managers Association, issued the briefest of statements after the hearing was completed.
"Having heard the evidence from both sides," Bevan said, "the panel has reserved judgement and there will be no further comment on the process until they have published their findings."
Officials at Newcastle followed suit, with a statement on the club website that said: "The Premier League tribunal considering Kevin Keegan's departure from the club in September 2008 has today retired to consider its judgment.
The club will be making no further comment at this time." Keegan's legal team have, of course, presented a case for constructive dismissal against Ashley following his abrupt resignation from the St James' Park manager's office a year ago, just nine months into a three-year contract.
The former Manchester City and England manager is claiming a full payout of his £3-million-a-year deal and has already rejected a compromise settlement of £4 million from Ashley whose hopes of winning a claim for breach of contract have faded.
There could be serious ramifications for Ashley's attempts to sell the Tyneside club to North-East businessman Barry Moat if he is forced to make a massive payout to Keegan with some reports claiming that his former employee wants £25 million from his former employer.