The club's majority shareholder will put a 'debt for equity' plan before an extraordinary general meeting on 31st July.
If the proposal is passed, UBIG, the Lithuanian bank which Romanov also owns a controlling interest in, will increase their stake in the club from 82 per cent to 95 per cent.
This will allow Hearts to cut their liabilities by 30 per cent, reducing their interest payments by £600,000 a year.
A statement released by the club explained the reasons behind the proposal, while referencing plans for a new 23,000-seater stadium.
The statement read: "The motion to reduce the club's debt by 30 per cent through a 'debt for equity' plan will improve cash flow and provide a long-term base for financing the new stadium, as well as strengthening the balance sheet. It also emphasises UBIG's commitment to Hearts."
The statement also went on to reassure supporters that a new manager will be named as soon as possible.
"A new team manager will be appointed shortly and the board of directors are confident that this manager should improve the situation on the pitch," it continued.
"The board are taking all necessary actions so that the right appointment is made."
The statement concluded with a swipe at those detractors who have criticised Romanov and the club's board for a lack of communication over the last few months.
"Supporters will be able to judge the board based on actions, which is how it should be," it read. "The ultimate owner Vladimir Romanov, the majority shareholding company UBIG, the board of directors and staff are working to take Hearts forward, united as a team.
"Supporters should be reassured that despite the challenges of the last few months, the club are confident of a vibrant and exciting future as a leading Scottish sporting institution.
"Tremendous progress has been made in the last three years, with yet more assured in the months and years ahead.
"As each step is completed supporters can be assured that full information will be announced - direct to supporters.
"The club will continue to implement the right decisions despite criticism from the sceptics."