Ipswich Town have suffered seven losses in their last nine games and the 0-1 loss to Nottingham Forest on Monday left the club 19th in the Championship table.
Speaking after the home defeat by Forest on Monday the former Manchester United and Republic of Ireland midfielder, said: "I'm doing my best and if my best isn't good enough, then I'll take the consequences."
Ipswich, backed by multi-millionaire Marcus Evans, have invested £8m on players during Keane's reign. Ipswich have called a press conference for 1100 GMT.
The new manager will have a tough start as Ipswich have a FA Cup third round tie at Chelsea on Sunday, followed by the first leg of their League Cup semi-final against Arsenal at Portman Road on Wednesday, 12 January.
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