The footage allegedly features Britney, 26, stripping off naked apart from a pink wig, and romping with ex-boyfriend Adnan Ghalib.
The paparazzi photographer is reportedly trying to sell the full two-hour version, which is said to contain twenty minutes of full sex after a long session of foreplay, to the highest bidder.
A source said: "The video starts with Britney undressing. She was wearing some cheap clothes. The sex wasn’t particularly kinky but Britney wears a pink wig throughout.
"At one point in the tape Adnan asks Britney to remove the pink wig but she refuses, saying ‘Take what off? There’s nothing left to take off.’ "
Adnan had a three-month relationship with the mother-of-two at the height of her alleged nervous breakdown earlier this year.
The sex tape was supposedly shot while the couple holidayed in Mexico in January. Poor Britney she has no luck just as she is getting her life back on track this happens… Lets hope it does not happen.