HP, for its part, declined to "comment on rumors" when contacted by BNamericas.
Abnormal fluctuations in trading of Positivo stock and the company's share price induced acquisition speculation by local media, including a report from magazine Istoé Dinheiro claiming buyout talks between the two sides were under way.
"Positivo Informática, after having consulted its controlling shareholders, would like to make it clear that these rumors have absolutely no basis in fact, since no such negotiations are taking place," the Brazilian computer manufacturer said in a statement.
Earlier this year, Positivo issued a similar denial of an acquisition by Chinese PC maker Lenovo.
Positivo registered revenues of 2.33bn reais (US$1.4bn) last year, but net revenues fell 3.9% year-on-year in Q4.