McGowan has been linked with a move to China and will not play in the Clydesdale Bank Premier League match with Hibernian on Thursday, despite yet to agree to the switch.
McGlynn said: "The club have accepted a bid for Ryan so he won't play any part in the game tomorrow. He's not put pen to paper. It's disappointing to lose him but if good offers come in we need to accept them."
McGowan, a William Hill Scottish Cup winner in May, has been an ever-present at financially-troubled Hearts this season.
McGlynn was uncertain of the club involved, but believes they are Shanghai-based.