The A-League club has embarked on an aggressive off-season recruiting campaign to improve their on-field fortunes and bolster crowds, having also targeted veteran Australia international Harry Kewell.
 
But an ambitious move for the Norwich City captain, 32, appears to be dead, with The Guardian reporting Heart were unable to meet the English Premier League club's valuation.
 
The UK newspaper claimed Holt, who spent time with Perth-based state league club Sorrento FC earlier in his career, was open to the move to Australia.
 
Having scored eight goals in 38 appearances in the 2012/13 season, he is reportedly a target for fellow Premier League clubs Hull City, Sunderland and Aston Villa.
 
Heart's efforts to sign Kewell remains ongoing, with a club delegation having travelled to the UK to talk to the 34-year-old former Leeds United and Liverpool forward and other transfer targets.