Nelson Piquet says his racially abusive remark about Lewis Hamilton was "ill thought out".
Piquet used a racially offensive term in referring to Hamilton on a Brazilian podcast that came to light this week.
The 69-year-old said he "strongly condemned any suggestion the word was used by me with the aim of belittling a driver because of his skin colour".
"I apologise wholeheartedly to anyone that was affected, including Lewis," three-time world champion Piquet said.
Hamilton had said on Tuesday that "archaic mindsets need to change", adding: "It's more than language.
"I've been surrounded by these attitudes and targeted my whole life. There has been plenty of time to learn. Time has come for action."
Piquet said he "made no defence" of the remarks, but added the term he used "is one that has widely and historically been used colloquially in Brazilian Portuguese as a synonym for 'guy' or 'person' and was never intended to offend".
"I would never use the word I have been accused of in some translations."
He added: "The translation in some media that is now circulating on social media is not correct. Discrimination has no place in F1 or society and I am happy to clarify my thoughts in that respect."
Sources in F1 have said that Piquet, who won the 1981, 1983 and 1987 world titles, will not be allowed back into an F1 paddock following his comments.
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