The footage, taken on November 24, apparently shows a strange object making unusual movements in the sky close to the railway station and looking out in the direction beyond Morrisons supermarket.
The film was handed to former police detective and editor of UFO Truth Magazine Gary Heseltine, who said he was launching an inquiry.
He said the object was seen for ten minutes and that the sighting was “highly significant”.
Mr Heseltine said he had ruled out the possibility that the object could be an aircraft, helicopter, microlight, laser or of atmospheric or astronomical origin. But he added that further analysis was needed.
He said: “As part of my ongoing investigation I am now releasing the longest video clip of the UFO to the media to see if any other residents noticed the object in the skies above Bramley that night.”
The object is described as being predominantly white in colour with sudden and occasional changes to blue. It made no sound.