Keegan travels to Arsenal on Saturday with a squad ravaged by injuries and summer departures, the most notable of them England Under-21 international Milner's move to Villa.

With only three days to go before Monday's transfer deadline, the Magpies' squad is desperately thin, a fact that was perhaps reflected by the swathes of empty seats at St James' Park for last Saturday's 1-0 win over Bolton.

However, having held talks with club owner Mike Ashley and executive director (football) Dennis Wise on Wednesday, a surprisingly upbeat Keegan remains hopeful of recruiting up to four more new faces by the time the summer window closes.

He said: "We had a great meeting. The owner is absolutely totally committed to the club, there is no doubt about that, and it is a case of us trying to get the quality we want in.

"The secret is to pick the right ones, it's to make sure if you are going to let a good player go, you replace him with another quality player who maybe can take you in a slightly different direction as a team.

"That's the challenge we have now and I look forward to that. I would think there is a very good chance of getting three or four players in.

"Mike can only give us the ammunition that is the finance. We have got to go and find the players, and they have got to be the right players.

"So far, we haven't seen a massive influx of players into the club.

"But I don't think any Newcastle fan would argue that the ones we have fetched in they see as quality and see as the right sort of players for Newcastle United, players who care and players who are putting a shirt on and doing a good shift for the club.

"That will continue to be the way we look for players and if, because we can't get those sort of players, we don't fetch the volume in and a fair number, so be it."

Keegan revealed the club are at an advanced stage with two targets, while another three, including Young Boys of Berne defender Kamil Zayatte, who trained at the club's Darsley Park headquarters on Friday morning, are also under consideration.

However, he declined to identify the men in his sights and would not comment on suggestions Chelsea's Florent Malouda is among them.

Speculation on Friday suggested star striker Michael Owen has been offered a one-year contract extension at £85,000-a-week, some £18,000-a-week less than his current deal.

Keegan insisted all contract negotiations have been put on hold until after the transfer deadline but also admitted even Owen has his price should potential buyers come calling.

He said: "I don't think any player is untouchable, that's the first thing I have got to say.

"That's not to say in any way, shape or form that we want to see Michael Owen leave this club. I certainly would not support that.

"But look around football and look what's happening, and I'm afraid a club and a manager not wanting a player to go sometimes is not enough.

"At the moment, I am sat here very relaxed about where we are. Yes, we have got a lot of injuries - that happens in football - but those players will get over the injuries, they will come back into the team and they will perform for the club.

"The fans shouldn't be worried. I am certainly not - and if I was worried, I would tell them."

Keegan's comments came at the end of a week during which there have been further reports of a rift between he and Ashley, which he was quick to dispel.

In particular, he insisted it was he who ultimately decided to sell Milner.

Keegan said: "He is a player in an ideal world you would not want to lose, but I just want to make it absolutely clear that at the end of the day, it was my decision to sell him."