The former TOWIE star told Piers that she was considering “doing a Kim Kardashian” by making the tape available online in a bid to rake in some cash.
But after appearing on Piers’ show, the 40-year-old reality star had a change of heart.
When Piers asked Gemma if she had kept the tape of her with an unnamed man, she replied: “Well course, I might go skint one day, and I’ve gotta do a Kim K. Do you know what? Sex sells.”
She continued: “It’s probably about 20 minutes long, but we’ve all done it with our partners, you know. I’m normal.
“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 or a fiver to watch the thing, so I’d be cashing in myself but I don’t know if that’s possible.”
However, when pushed by Piers if “everything” in her life was for sale, Gemma suddenly changed her mind.
She said: “I’m not prepared to do it. I’d rather go and work 24 hours a day, seven days a week, 365 days a year before I’d have to resort to that.
“I’m gonna go home and delete it after you’ve given me the riot act about it.”
Later in the show, which airs this Thursday on ITV, Gemma broke down in tears as she recalled receiving death threats.
After watching her former TOWIE co-star Joey Essex talk about the “terrifying” threats she receives, Gemma sobbed: “That was hard to watch.
“You don’t forget it but that’s the downside of fame. I’m a lot more comfortable now in my own skin.”
Piers Morgan’s Life Stories with Gemma Collins airs on ITV at 9pm on Thursday 11 Feb.