Leeds sacked Marcelo Bielsa as manager on Sunday following a run of poor form and are expected to appoint American boss Marsch as his replacement.
Marsch took over at RB Leipzig last summer, but only lasted in the job at the Bundesliga club until December, when he was sacked.
Keys has revealed that he has heard Leeds’ part-owners the 49ers wanted to bring in Marsch last summer, along with two players the American worked with at Red Bull Salzburg in the shape of Takumi Minamino and Brenden Aaronson.
The former Sky Sports anchor is of the view that if the Marsch appointment does not work then the proposed full buyout of Leeds by the 49ers will look very different.
“I’m hearing that the 49ers wanted him in last summer – along with a wish list of players he’d worked with before – the likes of Minamino and Brenden Aaronson”, Keys explained on his blog.
“If this goes wrong they’re sunk and that 2024 buyout takes on a very different look.”
Keys stressed that Leeds would have been better going for a survival specialist in the shape of Sam Allardyce.
“I saw that Andy [Gray] and I were trending Sunday after I suggested Big Sam should take charge until the summer. Why not?
“What have Watford gone and done – they’ve turned to an ‘expert’. Why not Leeds? This job has got Sam’s name all over it.”
Leeds have conceded 60 goals in just 26 Premier League games so far this season and will be looking for Marsch to tighten them up at the back quickly.
