Atsu had been reported missing since Monday's earthquake in Turkey and Syria, which has killed close to 12,000 people so far.
Rescue efforts remain ongoing and Hatayspor vice president Mustafa Ozat said on Tuesday that Atsu had been recovered from the rubbles with injuries while sporting director Taner Savut had not yet been found.
The report was corroborated by the Ghana Football Association but in a worrying update, Hatayspor coach Volkan Demirel says the initial positive update was untrue.
"Please do not write that he was saved without being sure," Demirel told Hurriyet. "People have families. Hopes, sorrows, pains are increasing.
"There is no news from Atsu and Taner Savut yet. Wouldn't I share it if they were in the hospital? I'll share it as soon as the news comes."
Describing his own experiences in recent days, the coach added: "We've been through a lot of hard things.
"We took the people who came to believe in me out of a thin gap, a gap where even the weather would be difficult, and thankfully they all survived.
"People are working day and night, I hope they will both be saved. The whole team took refuge in their families. As the information comes, I share everything."
In a statement reported by Hurriyet, Hatayspor doctor Gurbey Kahveci said: "[The club were told] 'He was taken to Dortyol Hospital', and when the news came, we went and looked, but he is not there.
"Unfortunately, we accept that Taner and Christian Atsu have not been found at the moment."
All sporting activities in Turkey have been suspended indefinitely.
Atsu has been capped 65 times for Ghana and named player of the tournament at the 2015 Africa Cup of Nations.
The 31-year-old scored a 90th minute winner for Hatayspor against Kasimpasa on Sunday.
Atsu counts Chelsea, FC Porto, Everton and Bournemouth among his former clubs
