The ex-Newcastle and Three Lions head coach felt the managerial duo were sore losers.
Keegan, now retired from management at the age of 65, helped lead Newcastle to a club-best second place top-flight finish in 1996 before taking control of the national team three years later.
The former England international, who scored 21 goals in 60 caps for his nation, perhaps should have secured a league title for the Magpies 10 years ago after leading the north-east club to a 12 point lead over their closest challengers by February.
Pressure began to mount on Keegan towards the end of the campaign as his team’s advantage began to considerably diminish, resulting in one of the most memorable interviews of the modern era.
However, 10 years after the infamous ‘I’d love it’ speech the Toon boss has revealed his outburst had deeper meaning then it appeared on the surface.
As quoted by the Irish Examiner, Keegan said: “It was nothing to do with mind games. It was just that Sir Alex Ferguson, I think, sometimes struggled to give teams credit and always looked for excuses.
“What he said was wrong, that teams like Leeds wouldn’t try as hard against us as they did against United. And that hit on something deeper: it was almost saying that football’s not straight. And it is. So that was my anger, if you like, at Sir Alex.
“I respect Sir Alex very much for what he’s done. But I think him and Arsene Wenger are the two least favourite managers of mine because they never give anyone else credit. If they lose, the shirt was the wrong colour or it’s the referee.
“To say, ‘we lost today because they were magnificent’, I think you’ve got to do that sometimes. Even if you’re a winner and you want to win everything, you’ve still got to give credit where it’s due.”