Methylaluminoxane (MAO) is the most commonly used co-catalyst for transition metal-catalyzed olefin polymerization, but the structures of MAO species and their catalytic functions remain topics of intensive study. We are interested in MAO-assisted polymerization with catalysts L(R2)FeCl2 (L = tridentate pyridine-2,6-diyldimethanimine; imine-R = Me, Ph). It is our hypothesis that the MAO species is not merely enabling Fe–Me bond formation but functions as an integral part of the active catalyst, a MAO adduct of the Fe-precatalyst [L(R2)FeCl]+. In this paper, we explored the possible structures of acyclic and cyclic MAO species and their complexation with pre-catalysts [L(R2)FeCl]+ using quantum chemical approaches (MP2 and DFT). We report absolute and relative oxophilicities associated with the Fe ← O(MAO) adduct formation and provide compelling evidence that oxygen of an acyclic MAO species (i.e., O(AlMe2)2, 4) cannot compete with the O-donor in cyclic MAO species (i.e., (MeAlO)2, 7; MeAl(OAlMe2)2, cyclic 5). Significantly, our work demonstrates that intramolecular O → Al dative bonding results in cyclic isomers of MAO species (i.e., cyclic 5) with high oxophilicities. The stabilities of the [L(R2)FeClax(MAO)eq]+ species demonstrate that 5 provides for the ligating benefits of the cyclic MAO species 4 without the thermodynamically costly elimination of TMA. Mechanistic implications are discussed for the involvement of such Fe–O–Al bridged catalyst in olefin polymerization.