The centre-back felt confident that he would be staying at the club and putting pen to paper on a new 12-month contract, but his future has now been plunged into doubt.
McCracken believes the offer was withdrawn because he needed a cartilage operation, but he insists he will be fit for the start of the new season.
"Saints offered me a new deal and we spoke about it. I was ready to sign on but everything seemed to change when I needed surgery," he said in the Sunday Mail.
"I was under the impression we had everything agreed when all of a sudden the contract wasn't there.
"There was a bit of confusion caused by the change of manager when Steve Lomas left and Tommy Wright stepped up but the chairman, Steve Brown, told me the problems at Hearts were a factor.
"I won't be getting offered anything now. They've done a U-turn.
"I know I'll be ready to play at the start of the season so hopefully I'll get something sorted quickly."