The Brazilian was reported on Monday as a new signing for Queretaro, with the player even appearing in photos wearing the Mexican side's jersey.
The Canadian club released a statement on Monday in response to the photos, which accompanied several reports out of Mexico that had Camilo signing a contract with the Liga MX side.
The 25-year-old, who scored 22 times in 2013 to claim the MLS goalscoring crown, had been reported to be in talks with Queretaro last week, and Monday's events seemed to confirm that an agreement between the player and the Mexican club had been reached.
However, the Whitecaps maintained that they are the legal holders of Camilo's contract.
"All through the process, the ‘Caps have maintained that Camilo is under contract," said the statement on Vancouver's website. "This has since been acknowledged by Queretaro FC after MLS provided proof of contract and the Canadian Soccer Association (CSA) provided proof of registration this morning."
On Nov. 28, Vancouver announced that it had picked up Camilo's contract option for the 2014 season.