A new company, called HMFC limited, is submitting a bid to buy Hearts, BBC Scotland has learned.
The company is using American company Club 9 Sports to try to attract US investment for its bid.
The bid, to be submitted to administrator BDO ahead of a 12 July deadline, is in the region of £5m.
BBC Scotland has also learned that the company's plan includes a move away from Tynecastle to a purpose-built stadium.
Club 9 Sports has been involved in failed bids for clubs including Rangers and Sheffield Wednesday.
The Foundation of Hearts, a consortium of fans' groups, is the only group to have made its intentions to buy the club public so far.
Former Hearts player
“I don't think the club's in a great position to pick and choose. In an ideal scenario, they perhaps, would like home ownership”
A consortium led by former Scottish Rugby chief executive Gordon McKie had
proposed an alliance with the Foundation of Hearts
, which was rejected.
HMFC limited, a Scottish company set up in June, has Borders-based businessman Bob Jamieson as its sole director and has also instructed an Edinburgh legal firm to act on its behalf.
Hearts legend John Robertson is remaining open-minded about this latest development.
"It's still early days, I think the most important thing is that there's a bid in," he told BBC Radio Scotland.
"That starts the process going and it will also bring out other bids from interested parties.
"I don't think the club's in a great position to pick and choose. In an ideal scenario, they perhaps, would like home ownership.
"The foundation are obviously heavily involved at the moment and that would probably be the preferred route."
Along with Billy Brown, Roberston plans to spend the next few weeks working free of charge to assist Hearts manager Gary Locke with pre-season training.
And he does not think the thought of moving away from Tynecastle should be a deal-breaker.
"If that's the route forward then it's something we'll have to look at - it's as simple as that," Robertson said.
"If it meant the club moving forward long-term then I'm sure Hearts fans would accept it eventually."