The Republic of Ireland assistant is heavily tipped to take on the role of assistant boss to Paul Lambert at Aston Villa, having made it clear that he was uninterested in the main job at Celtic.
Keane appeared at the ITV World Cup launch last month alongside fellow pundits Lee Dixon, Gus Poyet, Fabio Cannavaro and his Republic of Ireland managerial colleague Martin O'Neill, but has now decided not to fly to Brazil.
He appeared alongside O'Neill at an event on Tuesday morning when he confirmed his decision but did not elaborate on links with Villa.
"Roy has been a tremendous part of our pundit team in recent years, but we fully understand his decision to concentrate wholly on his coaching," an ITV spokesperson said. "We wish him every success for the future."