It has been revealed that reports claiming a three-year deal for the 24-year-old 'crashgate' conspirator, because the Brazilian's famous father bought into the team, were not true.
But the Italian newspaper La Stampa said it is true that Piquet and Campos have been in contact, aided by F1 chief executive Bernie Ecclestone.
Ecclestone and triple world champion Piquet Snr are well acquainted, dating back to their title efforts at the Brabham team more than 20 years ago.
"In fact," said Campos' Daniele Audetto, "we received an offer from Piquet.
"We have nothing again Nelsinho, even though he was involved in the accident scandal. He is a good driver, fast and experienced.
"But, having signed Bruno Senna, we cannot have two Brazilians. And the supposed 15 per cent investment would be less than what other drivers could bring; Italian, Russian, Chinese, German, to name a few nationalities.
"There are ongoing negotiations that will go on until all the details are defined," Audetto added.