President Trump's former personal attorney, Michael Cohen, secretly recorded a conversation in which then-candidate Trump discussed a payment to former Playboy model Karen McDougal, Fox News has confirmed.

The FBI obtained the recording -- which was made two months before the 2016 election -- during a raid on Cohen's office earlier this year. The Justice Department is investigating Cohen’s involvement in paying women to bury embarrassing news stories about Trump ahead of the election.

Trump's current personal attorney, Rudy Giuliani, has confirmed that Trump and Cohen discussed paying McDougal in the recording, but said the payment was ultimately never made.

“Nothing in that conversation suggests that he had any knowledge of it in advance,” Giuliani told The New York Times, adding that Trump had directed Cohen that if he were to make a payment related to the woman, write a check, rather than sending cash, so it could be properly documented.

The Wall Street Journal reported in November 2016 that McDougal was paid $150,000 by American Media Inc. -- the parent company to the National Enquirer -- for the rights to the story, but it never ran. McDougal has sued AMI, alleging Cohen was secretly involved in those discussions. The lawsuit was settled in April.

McDougal claims she had an affair with Trump more than a decade ago. 

On "Outnumbered" on Friday, Jessica Tarlov said this report is unlikely to hurt Trump's support from his base, but it could have legal consequences if any federal campaign finance laws were violated.

"The legal issue here is going to be whether campaign funds were misused," Tarlov said.

Daily Caller editor-in-chief Christopher Bedford said if Giuliani's claim that no payment was actually made is accurate, then there's nothing more to the story.

"Can you imagine stopping someone at the polls who was going to vote for President Donald Trump and saying, 'What if I told you Donald Trump dated a Playboy model?'" Bedford said. "You think that's going to change a vote?"

Watch the "Outnumbered" panel discuss above.