The cameraman allegedly taped the sex scenes by having a hidden camera in his friend's apartment, where Madonna and Rodriguez met secretly.
He told a legal source of Britain's Daily Star
that he visited the apartment and hid a camera pointing at the sofa and captured Madonna and Rodriguez having sex.
He is trying to sell this tape for $2 million.
Madonna's lawyers told the Daily Star they are aware of the tape but didn't comment further.
If the cameraman does release the tape, he will be in trouble for secretly taping the couple and installing the camera without his friend's consent. He may end up being charged for burglary and voyeurism.
Instead of making millions on the tape, he may face up to few years in prison, according to one legal expert of the Daily Star.
Both Madonna and Alex Rodriguez have denied their affair in the past, but if there is clear evidence of a relationship caught on tape, then it could seriously affect their careers.
Rodriguez's wife has already filed for divorce.