My reaction: We can assume this is true, as there's no reason for it not to be. Swagger hasn't been utilized on WWE television for months and that was incredibly suspicious, particularly after moving him to SmackDown. I've never been the absolute biggest supporter of his, but I'd be disappointed to see him leave, particularly when there were still some good options of how to get something out of him. Shipping him down to NXT or partnering him up with someone in the tag team division would have been great, but if he's claiming that he wants more money and wants to be pushed more, I can see why WWE would decide to just cut him instead, as I don't think there's much of a draw for him anymore to justify that. / It's important to keep in mind that until this is made an official release, there's a chance he stays with the company, so this post will be updated if that happens.
UPDATE: WWE issued a statement saying "Jack Swagger has not been granted a release from his WWE contract. When he is granted his release, Jack Swagger will remain under exclusive contract to WWE for 90 days and will be compensated accordingly during that period."
Click here for the full list of people who have been released, quit or retired from WWE this past year.