The England youth international spent the final two months of last season on loan at Loftus Road and played a key part in helping The R's to promotion.
Camp made 12 appearances for Ian Holloway's side and the R's boss is keen to bring the 19-year-old back to the capital.
Holloway firmed up his interest with a formal bid for the shot-stopper but Derby have confirmed they have snubbed the offer.
"After speaking to George Burley I recommended to the board that we reject the offer," Rams director of football Murdo Mackay told the club's official website.
"The bid doesn't meet our valuation of the player.
"In addition, the timing is difficult because our new goalkeeping coach Mal Webster, who we believe is one of the best in the country, has only had a couple of weeks to assess the ability of our three main keepers."
The Rams also have Lee Grant and Andy Oakes, and with doubts about the latter's future, Burley is reluctant to sell Camp.
