The Japanese coach is a free agent currently after parting ways with Inter Allies this week on mutual consent. Speculations had it that he was on his way to rejoin the Phobians, who are also in the market for a head coach.
Hearts fired Henry Wellington while his deputy Edward Odoom was reassigned to the youth team following a poor performance in the first round.
"We are still in search of a suitable replacement for Henry Wellington but we have not made any decision on who becomes the next coach," Addo told GNA Sports
"When we settle on one, the world would know who that person is but I can say that Kenichi is not under consideration with regards to the head coach role at the club. He is not part of those we're engaging so obviously the reports are false," he added.
Kenichi managed Hearts in 2016 before he was sacked in the wake of a rift between him and club owner Togbe Afede XIV.