Bad news for ex-UFC champ Cain Velasquez ... he's been released from his WWE contract as part of a cost-slashing effort due to COVID-19.
The former UFC heavyweight champ first signed with WWE back in October 2019 -- and the company had high hopes for Cain -- posting on WWE.com that he signed a "multi-year deal."
But Velasquez hasn't really had a presence in the WWE universe since he was destroyed by Brock Lesnar at the Crown Jewel event on Oct. 31, 2019 in Saudi Arabia.
Now, with Vince McMahon's company looking to cut costs due to the coronavirus pandemic, Wrestling Observer Radio's Dave Meltzer says WWE has released the 37-year-old from his contract.