The footage was filmed in a hotel room with a Kim Kardashian lookalike who states at the beginning of the video that she is 18, Radar reports.
During the 20-minute tape, the woman allegedly confesses that she is married and says: "My husband and I don't have sex anymore, that's why I'm here!"
"The sex tape is being shopped right now and there's a lot of interest, but Kanye is freaking out," a source said. "He doesn't want this tape out and will do anything to make sure it stays private.
"If this were to hit the market it would be worth a fortune. There would definitely be a lot of people wanting to see this. Kanye was practically in tears when he heard the tape was being shopped."
The website claims that West is seen setting up the camera to film the sex tape, which was made before he started dating Kardashian.
West previously rapped about Kardashian's infamous sex tape on his new track 'Clique'. Listen to the song below: