Hogan is captured making several comments during a prison visit with son Nick, some of which include the n-word.
It comes after the Wrestlemania contender was sensationally sacked by Worldwide Wrestling Entertainment after the release of an unauthorised sex tape which included racial slurs.
Hulk Hogan and son Nick pictured in 2005.
The new recordings are from 2008 when Nick Hogan was serving time after a car crash that left his passenger seriously injured.
“You and me been sitting on some serious phone, phone dialogue here n***a,” Hulk Hogan is heard saying.
“Yeah, nibb*ah,” his son Nick replies.
To which Hulk says: “N***a, n***a, that means you my best friend.
Hulk continues: “You know that God gave you this vibe and this, this energy that you and I are going to live forever bro.
“I just hope we don’t come back as a couple… I don’t want to say it… blizz-ack, gizz-uys, you know what I’m saying?”
The original sex tape was part of a multi-million dollar lawsuit between Hogan and website Gawker.
America’s National Enquirer and RadarOnline.com website ran an exclusive story last week, leading to WWE ended its contract with Hogan.
At the time, WWE said it is: “Committed to embracing and celebrating individuals from all backgrounds as demonstrated by the diversity of our employees, performers and fans worldwide."
Hogan issued an apology to PEOPLE magazine, saying: "This is not who I am. I believe very strongly that every person in the world is important and should not be treated differently based on race, gender, orientation, religious beliefs or otherwise.
Hogan has yet to comment on the latest revelations.