In a statement on WWE.com, the company have said;
WWE has come to terms on the release of WWE Superstar Austin Aries. WWE wishes Aries the best in all of his future endeavors.
Following highly successful stints in TNA Wrestling and Ring Of Honor, Austin Aries signed with WWE on their developmental NXT brand in January of 2016, before shortly joining the cruiserweight division in December of the same year. Beginning as a commentator on 205 Live, he then joined the active roster and had a succession of great Cruiserweight title matches against Neville, including one at WrestleMania.
His last televised match for the company was at Extreme Rules, in a losing effort against Neville in a submission match.