Editors at Gawker.com posted a 90-second preview clip of the footage, which reportedly shows the star cosying up to a mystery brunette.
Hogan - real name Terry Bollea - moved swiftly to stop publication of the tape, and instructed his lawyers to draft a cease and desist letter demanding chiefs of the website remove the footage.
However, bosses at Sex.com are eager to post the video on their site, and have approached Hogan about a potential deal.
In a letter, obtained by TMZ.com, the website's Martin Ellison writes, ""As we have all read and seen a sex tape was recorded and posted online without your permission.
""While this may be an embarrassing ordeal for you to go through right now, it doesn't need to be. We are truly serious about working with you, this isn't some shameless press opportunity, we have an open checkbook (sic).""