Mr Hearn, a promoter, recently proposed an overhaul of the sport including rule changes and boxing-style introductions for the players.
He said: "I'm absolutely mortified by it [the story]. I've known John Higgins for a long long time.
"Pat Mooney is a co-director of the WPBSA, the governing body of snooker, and it's come as just a huge shock and obviously an enormous blow to the integrity of the sport which is vital as everyone knows for the expansion plans we have.
"So it's really been a shattering experience at this moment in time and one that will be obviously immediately looked into by our disciplinary people under the WPBSA rules."
He said the newspaper allegations had forced him to consider his plans for the sport.
"I want to meet with the players on Wednesday anyway to discuss it. And this is now top of the agenda," he said.
The World Snooker Championship final begins in Sheffield later.
Higgins, who was made an MBE in 2008 and is married with three children, is the current world champion and provisional world number one and has won a total of 21 ranking titles.
He was unexpectedly knocked out of the current tournament in the second round by veteran Steve Davis.
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