The British reality TV legend says she only has one copy of the clip, which was taken on her phone.
It’s unclear at this stage who is in the video alongside Gemma.
The businesswoman explained she would be open to selling the video to the highest bidder.
Gemma candidly told Piers: “I might go broke one day and I’ve gotta do a Kim [Kardashian].
“Do you know what, sex sells.
“You’ll be the first one I show it to and then you can help me ring round getting the bids in for it. Million pounds if not more.”
She continued: “I’d like to set up a pay to view line where they ring in, I take £1.50 on the phone call and then £3 to watch the thing, so I’d be cashing in myself but I don’t know if that’s possible.”
Piers, 55, quickly hit back, begging Gemma not to ever go through with the plan – even if she was facing a cash crisis.
Piers quickly said: “What you’ve just said is awful.
“That means that basically everything in your life is up for sale.
“You’ve abandoned any pretence at privacy or anything.
“Do you really want your kids to then forever be watching their mother on the internet having sex with some guy she’s last been with 10 years ago?”
Put on the spot, Gemma went on to concede it may not be the best of plans in terms of her future.
The Essex gal agreed to delete the video once recording for the ITV show was over.
Gemma said: “I’m gonna go home and delete it after you’ve given me the riot act about it.”
Beaming, Piers replied: “Gemma, I’m proud of you.”