As reported by leading football website, GHANASoccernet.com, the 21 year-old signed a four year deal with the Phobians on Friday and was unveiled afterwards.
He will be competing with former Black Stars goalkeeper Ernest Sowah for the No.1 spot of the club.
Ayi parted ways with WAFA SC this week after the expiration of his two-year contract.
He joined the Academy side after excelling with Techiman City FC in their maiden campaign in the Ghana top-flight.
Ayi was signed to replace Razak Abalora who departed to Azam FC in Tanzania.
A statement on Hearts of Oak twitter account read: ''@HeartsOfOakGH is delighted to announce the signing of former WAFA goalkeeper Richmond Ayi.''
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