There had been reports the two had been involved in a heated argument during training, even coming to blows in the process.
However, the Suffolk club have played down the talk, claiming the relationship between the pair is perfectly fine.
In a statement, a club spokesman said: "Ipswich Town Football Club categorically refutes the malicious suggestion that an incident took place between the manager and Damien Delaney."
Keane has come under intense pressure recently after a disastrous run of results which have seen him become a strong candidate for the sack at Portman Road.
Town are currently 18th in the Championship, three points off the drop zone.