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Donald Trump can be heard discussing payment to an ex-Playboy model who claimed they had a 10-month affair in a bombshell tape.

The recording between the President and his former lawyer Michael Cohen was made two months before his 2016 election victory - and released to CNN last night after his relationship with Trump dramatically broke down.

The FBI seized the tape during raids on Cohen's home, office and hotel room in April. On it, Trump is heard discussing a potential payment to Karen McDougal, 47.

In the recording, Cohen can be heard saying he'll need to "set the whole thing up" with "funding", adding: "When it comes time for the financing..."

Trump replies: "What financing?"

Cohen tells him: "We'll have to pay".

(Image: Getty Images North America)

Trump then replies: "Pay with cash" - but it's not clear from the recording if he's suggesting it, saying it shouldn't happen, or just questioning it.

Days before the 2016 election, Trump's campaign team denied any knowledge of a $150,000 payment for McDougal's story by the pro-Trump magazine, The National Enquirer.

The tabloid never ran the story, effectively silencing McDougal for the rest of the campaign.

Trump’s then-campaign spokeswoman, Hope Hicks, said: “We have no knowledge of any of this.” She added claims of an affair were “totally untrue”.

(Image: Getty Images North America)

Knowledge of such a payoff could open the billionaire up to campaign finance violations.

Rudy Giuliani, now Trump’s personal lawyer, previously admitted the President had discussed payments with Cohen on the two-minute recording – but said no payment was ever made.

“It’s quite clear at the end that President Trump says ‘DON’T pay with cash’”, Giuliani told Fox News - saying he'd used the word "cheque" but the tape cut off.

"There's no indication of any crime being committed on this tape."

He added: "The President did not know about this before this conversation, at least with regards to the transaction we’re talking about.

"He may or may not have known about McDougal’s claims but he didn’t know about this transaction.

"This is the conversation in which they talk about how they’re going to buy the rights."

(Image: REUTERS)

However, the tape’s existence also increases the danger once-loyal Cohen presents to his old boss – raising the spectre of other recordings of private conversations.

The FBI is investigating Cohen for paying hush money to women including McDougal and porn star Stormy Daniels, 39, who claims she slept with Trump in 2006 shortly after his third wife Melania gave birth to son, Barron.

Trump denies their claims.