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The actress can reportedly be seen taking the drug with friends and saying: "Wow, this is really good smack - not that cheap crap that's been stepped on."
US tabloid National Enquirer is thought to be contemplating spending £35,000 for the footage.
A source from the publication is quoted as saying: "It appears to be from the 1990s, right before Angelina - then in her 20s - was breaking out in films like Gia and Girl, Interrupted."
Jolie has made no secret of her use of hard drugs in the past. She once said: "I've done coke, heroin, ecstasy, LSD, everything. I hate heroin because I've been fascinated with it. I'm not immune, but I won't do it now, at all."
> Jolie in mid-flight health scare
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