Yeah, um, this is the kinda thing you should really find a link to (for what it's worth, neither WWE.com nor Wikipedia report any such release).
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The Pro Wrestling Torch reported earlier today that Van Dam is done with WWE effective immediately and that his farewell was Tuesday night's TV show. We don't have that confirmed. Originally he was going to finish up on the 6/3 One Night Stand show.
Note the "not confirmed" part.
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-- Sabu was scheduled for ECW TV last night, but he arrived at the building looking to be released and walked out of the building with RVD. WWE then announced his release on their website. Sabu was one of many former ECW wrestlers who signed a one-year deal in April 2006 for the re-launch of the ECW brand. Sabu's wife was backstage in Orlando at the Impact tapings snapping pictures. Although RVD is advertised through the One Night Stand PPV on June 3, the word going around Monday in Orlando is that RVD would be free and clear after Tuesday's ECW TV taping in Baltimore.
RVD really hasn't been "missed" on ECW TV since his and Sabu's program with Big Show ended, imo.
I'd fully expect the top prospects (e.g., Harry Smith, Nattie Neidhart, T.J. Wilson and others) to be folded back into OVW while they search for a new spot for them. Coincidentally, scuttlebutt has the New(er) Hart Foundation debuting in July.