The 32-year-old Jamaican has been on trial with Australian A-League outfit Central Coast Mariners since August as he attempts to make the switch to football following his golden career as a sprinter.
But Perth Glory striker Keogh, formerly of Leeds, Wolves, Millwall and Blackpool, admits it will be a "farce" if Bolt is offered a professional contract because he doesn't have the ability.
"He's not going to be able to make it," said Keogh.
It's nice to have the attention on the A-League but him playing here, that's not for me. He's shown a bit of potential but it's a little bit of a kick in the teeth to the professionals that are in the league.
30-times capped Ireland international Keogh believes it is farcical for anyone to sign Bolt as a footballer, but accepts that the move being done from a marketing perspective.
When asked about his first touch, Keogh appeared to be less than impressed.
From what I've seen, it's like a trampoline.
"If there's someone who genuinely thinks he'd be a good football addition, I don't think they should be in a position to make those calls," said Keogh.
"It's a salary cap league, so you've got to give him money out of your salary cap, and is he going to contribute to your squad?
He says he's chasing the dream of being a professional footballer, yet he's come out with quotes where he says he wants X amount, when if you're chasing the dream it's not about the money, it's about the dream, and he's obviously contradicted himself massively there.
Andy Keogh celebrates a Blackpool goal at Wigan
Image credit: PA Sport
Mariners coach Mike Mulvey was stunned when he learned his club had offered Bolt a two-year contract last weekend.
"He's not at training and I'm just concentrating on the lads I have here," he said before refusing to answer a question on whether Bolt has the ability to play senior football.
I'll say this one more time - my focus is on the game on Saturday and on the players contracted for the Central Coast Mariners and that is how it should be.