With Keegan looking to strengthen his defence it seemed he would be chasing the former Wigan right-back after losing out on capturing Jonathan Woodgate, who now looks set for a move to White Hart Lane.
But when asked about any potential Chimbonda deal, Keegan simply said: "It won't be happening."
That leaves Chimbonda's future unclear as he has been linked with a move away from White Hart Lane throughout the transfer window.
He was reported as telling friends: "Kevin Keegan has approached me and they've offered me more money.
"I am definitely leaving Spurs. It's all about the money. I don't care about the (Carling Cup) final, I don't care about the cup."
However, those reports were strongly denied by agent Willie McKay.
He said: "Pascal cares about Spurs, he cares about his team-mates, he cares about his football and he cares about his career."