The Bundesliga side have been credited with an interest in the Tottenham star, but their sporting director has stressed they lack the resources to sign the Dutchman
The Netherlands international's future at Spurs is in doubt following the arrival of Gylfi Sigurdsson, and HSV were closely monitoring the situation of the attacking midfielder.
Nevertheless, the club's sporting director has now ruled out a move for the 29-year-old Van der Vaart, who previously played for Hamburg from 2005 until 2008.
"We might be able to sign one or two more players from our own funds, but signing Van der Vaart is impossible. We would need a lot of help [from external investors] to make that happen," Arnesen stated to Goal.com.
The HSV director then went on to discuss the supposed interest in Zvjezdan Misimovic, and made it clear that the Dinamo Moscow midfielder is not an option.
"Misimovic is not a candidate to join us. We have not been in contact with his club either."
The Bosnia and Herzegovina international previously won the Bundesliga title with Wolfsburg, but left the German top flight in 2010.