Report: WWE releases Cain Velasquez

Former UFC heavyweight champion Cain Velasquez has been released from his WWE contract, according to Wrestling Inc.'s Marc Middleton.

Velasquez signed a multi-year deal with the company in October after retiring from mixed martial arts. He hadn't appeared at an event since the "Crown Jewel" pay-per-view on October 31.

WWE has yet to confirm or disclose the reason for the 37-year-old's departure, but Middleton reports it was due to budget cuts stemming from the COVID-19 pandemic.

Velasquez was set to appear in his second WWE match at a November show in Mexico City, but he was pulled from the event reportedly due to lingering knee issues.

Plagued by injuries during his time with the UFC, "Cardio Cain" was limited to just three fights after 2013. He last competed in February 2019, suffering a first-round TKO loss to Francis Ngannou.