Video released on YouTube shows grainy footage of a flying object which appears to rise and hover in the sky.
Conspiracy theorists believe the video to have been recorded in the late Eighties or early Nineties.
The "UFO" appears to emit a light as it seems to move from side to side.
Secureteam10 is behind the release and its producer Tyler Glockner claims in the video it is some of the most compelling UFO evidence out there.
He said in a video about the clip: "It is alleged to have been recorded back in mid to early 1990s or possible even late 1980s.
"It is said to be of an alien vehicle being tested over the very secretive base known as Area 51."
But, sceptical ufologist Scott Brando, who runs hoax busting website ufoofinterest.org said the video was not even recorded at Area 51, but another top-secret USAF base in Nevada.
To read more and view the video, click here.