The 30-second clip is believed to have been taken from a West Midlands service station car park.
"This is one of the best videos I've seen. It could be a new drone - that might explain the military jets," the Sun quoted expert Nick Pope, who probed UFO sightings for the MoD.
"But you don't normally test-fly secret projects in daylight. Alternatively, this could be the real thing - a UFO in our airspace and military aircraft scrambled to intercept, probably due to it being tracked on radar," he added.
The MoD did not comment on the alleged sighting, but confirmed it would scramble jets to meet an air threat.
"We are not aware of any reports of unidentified aircraft near the M5," said West Midlands Police.
