McGhee has done a tremendous job at Fir Park, helping Motherwell finish in third place and with it win a place in Europe next season.
"To say I'm to be unveiled at Tynecastle on a specific date is a nonsense," said McGhee. "I can categorically deny that's the case.
"In order for that to happen something fairly dramatic would need to take place between now and the weekend. And I'm completely unaware of anything going on behind the scenes.
"But I am aware of interest in me from other clubs. What I can say regarding that interest is there has been no concrete offer put on a table in front of me.
"The size of a club and its potential would be important to me if someone did come in on an official basis. But the fact Motherwell are in the UEFA Cup does have a significant bearing on my thinking."