The former Sunderland boss has reportedly turned down the Turkish side citing a lack of desire to relocate his family, according to reports
Kasimpasa's vice-president, Hasan Hilmi Hoksuz, last week declared that a deal had been agreed with Keane and that the former Manchester United captain would be joining the club. However the move has since broken down.
The Irish Independent reports that the former Sunderland and Ipswich Town boss ended negotiations after he was issued a 24-hour ultimatum by the Istanbul side, despite the Irishman's desire for time to consider the offer.
Indeed, such an ultimatum did not sit well with Keane, who, according to the Irish Times, was also unwilling to relocate his family at such short notice.
Keane has not managed a team since being dismissed from his post at Ipswich Town in January 2011.