Expert Nick Pope, who probed UFO sightings for the MoD, said: "This is one of the best videos I've seen. It could be a new drone - that might explain the military jets.
"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."
The MoD refused to comment on the alleged sighting, but confirmed it would scramble jets to meet an air threat.
West Midlands Police said: "We are not aware of any reports of unidentified aircraft near the M5."