City play Spurs in the fourth round on Sunday, and Keegan sees the cup as an opportunity for his player's to give their ailing confidence a boost.
"This club has only one chance of winning something this season and that is the FA Cup," the City boss told soccernet.com.
"Although we have a very tough draw it is at home and we have as much chance as anyone else in the competition.
"We are not favourites but not many teams who have been favourites have won the FA Cup. It will take our minds off the league.
"A cup run will make people desperate to get in the team. That will increase the competition for places and that can only be a good thing."