The 35-year-old rapper's lawyers have confirmed that it's definitely Kanye in the 20-minute video filmed in a hotel room, with an unidentified woman who strongly resembles Kim.
"Be advised that the screen shot, as well as the tape from which the screen shot was taken, were illegally obtained and believed to have been stolen from Mr West's computer," Kanye's lawyer Lisa M Buckley wrote in a legal document obtained by AllHipHop.com.
"Your posting, advertising, marketing, displaying and otherwise disseminating the stolen screen shot and/or other materials on the tape constitute actionable violations of Mr West's rights of privacy and publicity."
Kanye's lawyer has threatened media outlets with legal action if they publish images from the tape, hoping to catch the person who is trying to make a buck out of the sought-after film.
Kanye is reportedly "freaking out" that the tape is being shopped around, a sex industry source told Radar.
"If this were to hit the market, it would be worth a fortune … there would definitely be a lot of people wanting to see this," the source said.
"In my expert opinion, Kanye's performance far outweighs Kim's!"
Sex.com has reportedly offered $1 million to the anonymous person for the footage with the hope that "Kimye" will "become the first celebrity sex-tape power couple", a rep for the website told AllHipHop.com. Not sure if that's such a good thing?
One intriguing mystery around the tape is the identity of the woman having sex with Kanye in the video. The video was allegedly made before Kanye started dating Kim.
According to DJ Folk, production coordinator for Young Jeezy, the woman is 25-year-old Californian model Mony Monn.
Other beg to differ. Entertainment website Examiner goes as far as saying it's actually Kim herself, and that her and Kanye paid Mony Monn a six-figure sum to say that she is the girl in the video. What?
Examiner's insider claims it's an elaborate ploy to protect Kim, already a sex tape veteran after that 2007 Ray J video made her career.
The girl in Kanye's video says at the beginning of the tape that she's 18, and "my husband and I don't have sex anymore… that's why I'm here!"
There's an easy solution for all of these dramas don't make a sex tape. And if you do, do not put it on your computer!
In pics: Celebrity sex tapes
Do you have a celebrity story that should be published on TheFIX? Taken a sneaky pic of a star that you want to share with the world? Send your photos, tip-offs and gossip to firstname.lastname@example.org.