The tape reportedly shows 58-year-old Hogan stripping off his clothes and hopping into bed with an unidentified brunette. The star, who is known as much for his leathery tanned skin as his wrestling moves, shows off interesting tan line - in the shape of a thong.
He also reportedly says, "I started to work out again" while taking off his shirt.
According to gossip site TMZ, the woman in the video is not Hogan's 35-year-old wife, Jennifer McDaniel, or his ex, Linda Hogan, to whom he was married for 23 years.
It is unclear when exactly the tape was made.
Hogan told TMZ the tape was "secretly filmed" without his permission and called it was an "outrageous invasion of privacy".
Hogan rose to fame in the mid-80s because of his supersized persona and wrestling chops. In 2005, he and his family appeared in the VH1 reality series Hogan Knows Best.
While the show was still on the air, his wife filed for divorce after it was alleged he had an affair.
In 2010, Hogan married McDaniel, who is widely noted to look similar to his daughter, Brooke Hogan.