The 49-year-old had his contract terminated by Aduana on Wednesday following an uninspiring run in the group stage of the Caf Confederation Cup.
And with Hearts in a dire need of a coach after caretaker coach Henry Wellington was shown the exit last month, Abubakar was rumoured to have agreed to occupy the empty seat.
“There is nothing like what have been reported in the media. I have not agreed or signed any contract with Hearts of Oak,” Abubakar told Footballmadeinghana.
“No one has contacted me from Hearts so the reports are not true. I'm free now after my exit from Aduana.
“I don’t want to talk about what happened which led to the termination of my contract with Aduana. I respect the decision of the club very well. The club is a big family and I wish them well,” he added.
Abubakar won the Ghana Premier League title with Aduana last season.