The Dutch international has been heavily linked with a transfer to his former club, after failing to hold down a regular starting place in the Tottenham line-up under Harry Redknapp towards the end of last season.
Van der Vaart also suffered a disappointing European Championship with the Netherlands national team as he was confined to the bench for the majority of the tournament, despite scoring one of best goals in the competition in the group stages against Portugal.
With a number of clubs reportedly interesting in securing the 29-year old's signature, Hamburg-based billionaire Klaus-Michael Kuhne called on the club's fans to help finance a move for the attacker, but Jarchow has come out and said that such a move is not possible.
"We cannot finance a move for Rafael Van der Vaart," he told Bild.
On Kuhne's intervention, Jarchow commented: "We as a board at Hamburg make our policy."
"We will not accept that an investor intervenes," he then added.
Jarchow's quotes suggest that any chance of signing the Dutchman is now gone, especially after the new Tottenham manager Andre Villas-Boas made it clear that he would like the player to remain at White Hart Lane.
Van der Vaart, who joined Tottenham from Real Madrid in 2010, has two years remaining on his four-year contract at the London club.