It is narrated from Sayyiduna Jabir (may Allah be pleased with him) that "the Messenger of Allah (peace and blessings be upon him) forbade selling water, forbade the fee for a camel's stud service, and likewise forbade a man to sell his land and his water." The Shaykh (may Allah have mercy on him) said: In the hadith he (peace and blessings be upon him) said: "and that a man should sell his land and his water." From this it is understood that a man rents out land together with the water, on condition that he will be given part of the yield; and Allah knows best. This same narration was reported by Rawh bin Ubadah from Ibn Jurayj, and he said in the hadith: "the Messenger of Allah (peace and blessings be upon him) forbade selling water and land for cultivation."
Hadith Referenceالسنن الكبرى للبيهقي / كتاب البيوع / 11060