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WWE has yet to confirm or deny the news.
The two-time WWE Hall of Famer re-signed with the company last year and had been involved in a widely-panned angle involving his daughter, Charlotte Flair, and Lacey Evans where Evans was kayfabe pregnant with the insinuation that Flair was the father. The angle was dropped after Evans actually became pregnant, and the elder Flair was “sent home” by his daughter to write him off of television.
Flair is touted as a 16-time World Champion by WWE, and was one of the more visible wrestling personalities in popular culture through the last decade even though he hasn’t wrestled since 2011.