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Campbell released a statement Monday night after the Des Moines Register quoted Park as saying he asked for a release from his scholarship.
Park, a junior, was Iowa State's starting quarterback until early October, when he went on an indefinite leave of absence. The Cyclones then turned to senior Kyle Kempt, who is 5-2 as a starter.
Campbell says he and his staff will help Park in the transfer process, which would likely leave Zeb Noland as the favorite to take over in 2018.
Iowa State (7-5) faces Memphis (10-2) in the Liberty Bowl on Dec. 30.