It was reported recently that Campos, a former Minardi driver, and millionaire Agag had now completed the partial purchase of struggling Japanese team Super Aguri, following negotiations that began last year.
Campos and Agag already co-own a GP2 team.
But Campos told the Spanish newspaper El Mundo Deportivo: "At the moment our sole priority is to join the fight for the GP2 title."
He did not, however, deny his interest in ultimately launching a Spanish F1 foray.
"Undoubtedly we are going to study and analyze any opportunities, but every single opportunity is not always possible.
"Formula one is a very complicated business and at this moment it is not an option for us," he said.
Campos predicts that the increased interest of Spanish corporates in high level motor racing could soon turn the situation around.
"It appears that things are about to change in this area," he said. "We will see."