The footage, which has appeared on YouTube, was said to be filmed by a security camera in Diyarbakir, Turkey, on February 12, before being viewed by thousands of people online.
It has even made its was onto conspiracy theory and alien websites where it has been described as “something inexplicable” and even an alien being.
The poor-quality video shows an object moving about that some have said could be an animal or even an alien life form.
One viewer even likened it to Mex Rebo the musical elephant-like alien from the Star Wars movies after suggesting there was a “trunk and ears”.
The dark and light-coloured form is seen in the distance appearing to move or waddle, but due to the poor quality of the video it is hard to make out what it is.
At one point it rises into the air as if on a string, before coming back to, leading some viewers to say it was just an odd-shaped helium balloon that was running out of gas.
Towards the end of the footage it appears to meander off across a road.
But it has left many viewers less than impressed.
Robert “Mr UFO Hunter” Miles posted on YouTube: “Wow. I say, no way, that”s a balloon.”
Others questioned if a penguin had been used by hoaxers and pulled up on string or that there was a drone involved.
One poster with the username Iguanadam said: “”It looks a lot like balloon but does not fall to the ground. Diyarbakir is a very underdeveloped city. This is a fake.”
Seasoned UFO hunter Scott C Waring, who edits UFO Sightings Daily, blogged about the video.
He said: “In the first six seconds of the video you can clearly make out that this object is half a metre tall, black and white and walking.
“Sure it can be a monkey, but how do you explain it hovering in the air and panda bears don”t fly.
“Only two possible answers, it”s an alien, or this was a prank. This is one interesting security cam video.”