"If the club decide to do something about me after the run of bad results that's their choice," said the City boss.
"My job is to take pressure off the players and I will always defend them in public, but behind closed doors last night I was livid."
City have just the FA Cup to look forward to in terms of cup glory and have seem serious ground to make up if they are to salvage hopes of securing a Champions League place and repay the faith of chairman, John Wardle.
"I still believe in the players and I still think we have the quality to have a good season," said keegan. "But we are now out of Europe and the Carling Cup, and that is desperately disappointing for everyone, including the chairman, who has backed me.
"I told him that, if he got me these players, then we would have a good run in a cup competition and do well in Europe. We certainly should have done better in Europe but the reality is that we haven't, so I am under pressure."
City's manager added: "We can't win the league, along with about 16 other clubs in this division, but we are capable of winning a competition like this.
"We were four games away from the final, we got through the first one at QPR but we didn't deserve to win this one because of the way we started."