Newcastle United are thought to be up for sale at the moment, with Mike Ashely looking to find a buyer.
There had been some suggestions that Eddie and his Father, Barry, would be involved in a takeover bid for Newcastle.
However, the boxing chief has suggested that is just wild speculation and he has no interest in buying the Magpies.
“I asked him [Barry] where it had come from and he said 'no idea'," Hearn said.
“We love Newcastle United, but we ain't buying it. We are not in the running.”
Newcastle have been linked with takeover bids aplenty in recent times, but still nobody has taken the controlling share of the club off Mike Ashley.
It is thought that Ashley is prepared to sell Newcastle, but nobody has met his asking price yet.
Newcastle fans are generally desperate for a change of ownership, as they seek greater investment.
Ashley has been criticised from large sections of the club's support for not showing enough ambition, with Newcastle struggling to break past a mid-table spot in the Premier League.
Steve Bruce’s side are currently in 12th place in the top flight, seven points above the drop zone.
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