Updated at bottom of story with a statement from Hulk Hogan...

Early this morning, speculation ran wild when Hulk Hogan's profile was removed from WWE's website and the Tough Enough website. Likewise, all Hogan merchandise had vanished from the company's online shop.

"WWE terminated its contract with Terry Bollea (aka Hulk Hogan). WWE is committed to embracing and celebrating individuals from all backgrounds as demonstrated by the diversity of our employees, performers and fans worldwide."

Rumors were swirling that Hogan had been released from the company due to racial remarks said during a radio interview in which he was discussing an old promo cut by Booker T. But nothing was certain. There was a "tape" out there of Hogan saying inflammatory things. It may have even been his sex tape, currently at the center of a lawsuit between Hogan and Gawker, which also contained Hogan using inappropriate racial remarks, per the National Enquirer . The Enquirer has several quotes they say come from the tape that they believe led to Hogan being let go.[Update: Hogan's apology, seen below, seems to validate these quotes, in which Hogan uses the n-word repeatedly while discussing his daughter Brooke's dating life and at one point declares, "I am racist, to a point"]Whatever the case may be, Hogan has now been officially fired from WWE. WWE released the following statement regarding the situation:Hulk Hogan has given the following statement to People Magazine ..."Eight years ago I used offensive language during a conversation. It was unacceptable for me to have used that offensive language; there is no excuse for it; and I apologize for having done it. This is not who I am. I believe very strongly that every person in the world is important and should not be treated differently based on race, gender, orientation, religious beliefs or otherwise. I am disappointed with myself that I used language that is offensive and inconsistent with my own beliefs."Contradicting WWE's statement, Hogan's lawyer David Houston has stated that Hogan was not fired, but instead resigned of his own accord. Houston told People, "He decided to resign from WWE because he didn't want to put them or his family through this."

Matt Fowler is a writer for IGN. Follow him on Twitter at @TheMattFowler and Facebook at Facebook.com/Showrenity