The US businessman made an official announcement on YouTube today (October 24), demanding that the President release his college and passport records in the public domain.
Trump explained that the release of the documents would remove any suspicion surrounding the President's lack of "transparency".
He said: "If Barack Obama opens up and gives his college records and applications and if he gives his passport applications and records I will give to a charity of his choice - Inner City Children of Chicago, American Cancer Society, AIDS Research - a cheque immediately for five million dollars."
He added: "The cheque will be given within one hour after he releases all of the records. He'll be doing a great service for the country if he does this.
"If he releases these records, it will end the question and indeed the anger of many Americans, they'll know something about their President. Their President will become transparent, like other Presidents."
Trump stated that the US President has until Wednesday, October 31 at 5pm local time to release the records.
The Apprentice host had previously teased that he was going to make an announcement about Obama that could affect the election.
Donald Trump has been a political opponent of Obama for several years, and has even taken credit for the President releasing his birth certificate.