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.

As we previously reported, WWE announced a massive cost-saving plan earlier this month hoping to keep the company afloat during the COVID-19 pandemic ... which includes slashing top executive salaries and furloughing part of its staff.

Velasquez has shown potential as a pro wrestler -- hopefully, this isn't the end of his journey.