Piquet, who is the father of Max Verstappen's partner, Kelly Piquet, was on a Brazilian podcast last November when he made the comment.
The choice of words by Piquet was criticised by Formula 1, who said:"Discriminatory or racist language is unacceptable in any form and has no part in society.
"Lewis is an incredible ambassador for our sport and deserves respect. His tireless efforts to increase diversity and inclusion are a lesson to many and something we are committed to at F1."Hamilton's team Mercedes also condemned the language, saying:"We condemn in the strongest terms any use of racist or discriminatory language of any kind.
"Lewis has spearheaded our sport's efforts to combat racism, and he is a true champion of diversity on and off track. Together, we share a vision for a diverse and inclusive motorsport, and this incident underlines the fundamental importance of continuing to strive for a brighter future.
"We express our solidarity with Lewis Hamilton and fully support his commitment to equality, diversity and inclusion in motor sport."
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