Bolt has been on trial with Australian club Central Coast Mariners since August.
As reported by Off The Ball, Keogh said: "It's nice to have the attention on the A League but him playing in the A League, that's not for me. He's 31. For me, he's not going to be able to make it [as a footballer].
"He's shown a bit [of potential] but it's a little bit of a kick in the teeth to the professionals that are in the league.
"It's fine from a marketing point of view but from a football perspective, it's a little bit farcical."