Keane was sent off for violent conduct at the end of the 1-1 draw with Wolves at Hill Dickinson stadium. A decision which immediately produced an appeal from Everton management.
However, that appeal has been rejected, with Keane handed a three-match ban in process.
The decision has drawn an official response from Everton, which stated this morning: "Everton Football Club is disappointed to report that an appeal against Michael Keane’s dismissal in Wednesday’s Premier League fixture with Wolves has been rejected by an FA panel.
"Whilst the majority ruling of the three-person panel to uphold the dismissal and three-game suspension is a decision we must accept, we are nevertheless surprised.
"We appealed in the firm belief the incident did not meet the threshold for violent conduct as defined in the rules, and that the action was neither forceful nor intentional.
"Our appeal was also lodged in support of Michael Keane, a player who plays the game with the highest ethical standards and who, prior to Wednesday, had never been dismissed for violent conduct in his career. It is our firm belief that the severity of the three-game suspension is clearly excessive, and we are surprised and disappointed that this point of appeal has also been rejected.
"Michael’s suspension begins immediately, and he will now not be available for our forthcoming fixtures against Sunderland, Aston Villa and Leeds United."