Foster Gillett, the son of former Liverpool owner George Gillett, made an offer to buy a club in Scotland but was rejected, according to reports.
Gillett was co-owner of the Reds between 2006-10, along with Tom Hicks, before the club was sold to Fenway Sports Group, owned by John W Henry.
The four year spell saw a progressive downturn for the club that put the Reds on the brink of administration, and also saw Rafa Benitez sacked in 2010 after six years on Merseyside.
Foster was made a director at Anfield during his father’s spell as joint-owner of the Reds, and also recently held talks with Championship outfit Derby County over a potential takeover.
According to a report in The Mirror, Foster made an offer to buy Scottish club Hearts, who were recently relegated from the Premiership.
However, Hearts chairman Ann Budge told BBC Scotland Hearts had rejected a formal takeover approach from Foster.
She said: "My plan has always been to hand the club over to supporters and nothing has changed.
"Right now, the club needs stability."
Scottish clubs voted to end the season amid the coronavirus pandemic, meaning Hearts have been relegated to the Championship.
Despite Hearts’ relegation, they say that they will be taking legal advice, and insist that no club "should be unfairly penalised".
