And, although United will be entitled to a transfer fee for the young Irishman because he is under 24, they would be sorely tempted by a big-money bid in the current transfer window.
Wolves boss Mick McCarthy has put Keogh, along with his strike partner Billy Sharp, top of his shopping list.
Reports suggest he will sell USA international striker Jemal Johnson to fund a bid for the pair.
He has also freed up space in his squad be selling Leon Clarke to Sheffield Wednesday - the first permanent signing made by Owls boss Brian Laws since he quit Scunthorpe to take over at Hillsbrough in November.
And if the takeover bid headed by Graeme Souness proves successful, he could be handed a substantial wad of cash to tempt the Iron to part with either - or both - of their star strikers.