The U.S.-based SITE Intelligence and IntelCenter groups say the almost 90-minute video was released Friday.
They say the video, entitled "Results of 7 Years of the Crusaders," features speeches by al-Qaida No. 2 Ayman al-Zawahri and other leaders, as well as the will of Sept. 11 hijacker Ahmed al-Ghamdi.
The Associated Press was not able to access the video on Web sites that usually carry al-Qaida messages.