The This Morning star, 48, is believed to have been distraught after the man threatened to 'ruin' her career.
She has reportedly endured the experience for eight months.
A spokesperson for West Midlands Police confirmed a 36-year-old man from Warwickshire arrested on suspicion of blackmail against a woman in her 40s had been released on conditional bail.
It was claimed that This Morning presenter Alison had purchased a car for the unidentified male for the sum of £5,000 after he reportedly threatened to 'ruin' her broadcasting career.
Alison, who found fame on Big Brother, appeared alongside actor Richard E Grant to host the 2023 Baftas.
It was confirmed last week that Hammond will take over from Matt Lucas to present the upcoming series of Channel 4’s The Great British Bake Off alongside comedian Noel Fielding.