Keane is in Australia and was seen at Sydney FC's Asian Champions League clash with Shanghai Shenhua at the Sydney Football Stadium on Wednesday night, kicking off speculation that he was in fact on his way to Melbourne to sign a deal with the Victory.
But a Victory spokesman told the Herald Sun: "We won't be commenting on speculation regarding the coaching position.
"Suffice to say, we still have a long way to go in the process of appointing a coach."
Keane has been without a job since he was sacked by English Championship club Ipswich Town in January after a little less than two years. Prior to that he held the position at Sunderland whom he led back into the Premier League in 2007.