The Boys in Green boss dismissed suggestions that his number two was seeking work elsewhere, but admitted that it was a possibility in the future
Keane, 42, had recently been linked with Sheffield Wednesday, with the owner of the Championship club, Milan Mandaric, commenting that he would be interested in approaching the former Sunderland and Ipswich Town boss.
O'Neill believes that Keane is "really committed" to his role as assistant coach with Ireland, but conceded that he is likely to have desires to return to a managerial role of his own.
"I would be surprised," O'Neill said. "I think Roy is really committed here. Does he want to go and manage on his own at some stage? I'd be wildly disappointed if he didn't.
"But this is a great opportunity for Roy and I think he wants it. That's my view on it. I didn't spend hours and hours talking to him about it, and he said I'd be the first to know whenever anybody comes in.
"But I don't see it as anything to get overly concerned about."