The U’s see their licence agreement at the Kassam Stadium run out in 2026, and the club is looking to build a new home at The Triangle, south of Kidlington Roundabout.
A full planning application for a 16,000-capacity ground was submitted to Cherwell District Council at the end of February, while in May, a legally binding lease option with Oxfordshire County Council was signed.
It was announced in June that the application would not be considered until early next year due to further information on matters such as transport and ecology being requested.
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Last September, Keown was in attendance when Labour MP for Oxford East, Anneliese Dodds, hosted a reception on behalf of United at the Houses of Parliament.
Former Arsenal defender Keown, who yesterday released his autobiography, titled On The Edge, told this newspaper: “I believe Oxford is a hotbed of football, and the club is now at its highest level for a quarter of a century.
“Key decisions need to be made quickly to ensure the long-term future of the club. It’s understandable for local residents to be concerned, but hopefully a solution can be found to accommodate 20 or so games a season, and the infrastructure put in place to facilitate that.
“We now have and want to keep an elite football team in our area, particularly while we’re building on the fanbase as well.
“Oxford now find themselves just one step from the Premier League if we dare to dream.”
Keown watched from the terraces at the Cuckoo Lane end at the Manor Ground in the 1970s, remembering the likes of Les Taylor and goalkeeper Roy Burton.
Years down the line, the U’s famously beat an Arsenal side featuring Keown 3-0 to secure safety in Division One on the final day of the 1985/86 season, the same campaign which saw the Milk Cup triumph.
Keown said: “When word got out that I was training with Arsenal, Oxford United came calling and offered me tickets to games.
“As a local man born and bred in Oxford, it was an honour to play at the Manor for Arsenal at the highest level years later.
“Oxford secured the points they needed, and it was a big day for me to play at the Manor.”
Keown ironically even went to school with Des Buckingham’s mother at St Edmund Campion School, underlining the closeness of the city.
Meanwhile, one of Keown’s sons, Niall, is an academy coach with United.
Keown said: “For the club to maintain its elite level, the youth pathway will be hugely important to the club’s continued success.
“The dream ticket for me is to see Oxford United and Arsenal play each other in a regular fixture at the elite level in a new stadium.”