The son of former Liverpool co-owner George Gillett has failed with an initial approach about buying into Hearts.
US businessman Foster Gillett wants to buy a controlling stake in the Tynecastle club.
He is believed to have made contact with the Edinburgh side last week through a third party.
A Hearts spokesperson told The Sun: "An approach had been made, as have others in the past.
"We have a commitment to pass club ownership to the fans, and that commitment has not changed."