Hearts have rejected an offer from former Livingston owner Angelo Massone to buy the club.
Massone oversaw Livingston's expulsion from the the Scottish Football League's First Division to the bottom tier during a troubled 12-month spell in charge which also saw them place in administration.
"We received an offer from Mr Massone but it has been rejected," a spokesman for Hearts confirmed.
"We are aware of Mr Massone's previous involvement in the game in Scotland and the board has decided not to pursue his offer any further.
"In the view of the board, the bid he made also undervalued the club. Vladimir Romanov remains willing to discuss the sale of Hearts to anyone with a genuine interest, and ability, to take the club forward.
"Bidders will need to provide a financial offer to reflect the value of the club, be fit to run it as required by the Scottish FA and disclose their plans going forward.
"They will also have to provide guarantees for Hearts' future to ensure the successful duration of the business of the club."
It was the second takeover deal rejected in a week, with an offer from the Foundation of Hearts, a group who want to implement supporter ownership, knocked back on November 13.
Hearts have until December 3 to make full repayments on tax debts totalling £450,000 to Her Majesty's Revenue and Customs.
Information from the Press Association was used in this report.