Now, the Los Angeles Police Department has confirmed that it is investigating the matter and treating the knife as possible new evidence in one of the most high-profile crimes of the 20th Century.

On the question of whether - if the story of the knife proves true - DNA could be recovered from a knife two decades after the fact, Neiman said: "We're hopeful - if this is involved, our investigators will submit it to the labs that are very good at what they do, and we'll see".

The finder of the knife, described as a construction worker, turned it over to either an off-duty or retired LAPD motorcycle officer, who was working as a security officer on "a movie job", Neiman said.

Finding the knife that killed Nicole Brown Simpson and her friend Ron Goldman had been an obsession of police and others in the wake of the 1994 murders.

"I'm not an attorney, but it's my understanding from being a police officer for almost 30 years that double jeopardy would be in place here", he said. However, Neiman stressed that murder cases remain open if there is no conviction.

Internal administrative charges were unlikely since the officer is now retired.

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"I would think that an LAPD officer, if this story is accurate as we are being told, would know that any time you come into contact with evidence that you should and shall submit that to investigators", Neiman said.

Prosecutors in Simpson's criminal trial never introduced it as evidence.

In 1997, a civil court jury found Simpson liable for the slayings and awarded millions of dollars in damages to families of the victims.

The item, which media believe is a knife, was allegedly buried at a property previously owned by Simpson and was kept by a police officer for years. The prosecution presented a knife as evidence during the trial, but it wasn't determined to be the murder weapon.

Simpson was charged with the murders.

"It might be a hoax, it might be somebody who planted it and then just pretended to find it and gave it to the off-duty police officer, you don't know", Clark tells At a news conference Friday morning the LAPD says when the Simpson estate's new owners tore down the house in the late 90s, a worker discovered a knife. Simpson is now serving time for robbery and kidnapping in Nevada and is up for parole next year.