The network of supporters' groups is aiming to take control of the crisis-hit Edinburgh outfit, who entered administration last month.
Friday is the deadline for first offers to buy the Gorgie club and the Foundation is the first interested party to go public with confirmation of submission of a bid.
Edinburgh businessman Bob Jamieson, along with USA-based company Club 9 Sports, will also reportedly table an offer.
However, it was reported by STV on Thursday morning that a consortium of Norwegian and Swedish businessmen has decided it would be "inappropriate" to bid against a fan-led takeover attempt.
The Foundation of Hearts revealed last week that it has "two clear options" to fund a takeover, which will remain confidential until after the deadline.
The group says both rely on securing as much financial support from individual fans as possible, coupled with partnerships with businesses.
A statement released by the Foundation on Thursday read: "The bid team working with and on behalf of the Foundation of Hearts, has today submitted a proposal to the administrators of Heart of Midlothian FC, BDO LLP.
"The proposal would see Hearts exit administration and, with the ongoing backing of the supporter base, move towards a position of financial stability.
"Should this bid be accepted by BDO, it will allow the Foundation of Hearts to secure majority ownership over the club in a controlled fashion with support of the necessary capital to make today's bid strong and credible. The Foundation of Hearts will respect the next stage of this process by making no further comment in the days ahead, to allow the administrators to consider next steps."