Ron Killings' release from TNA was confirmed last weekend. He asked for his release after TNA held a meeting where TNA said they would let anyone who wanted to leave, out of their contract. It was pretty much considered to be a formality he'd be let go. The two parties formally agreed last weekend.
Killings has a spot waiting for him in AAA in Mexico if he decides to take it. As soon as his working papers are complete, which should be in February, he will likely be working there.
On his MySpace page regarding his release, he talked about going back to his "original stomping grounds." Early in his career, he worked the indies in Georgia and the Carolinas, and of course, there was his brief run in WWE. It is unknown at the moment if WWE is interested in him or not. However, what is known is that Jeff Hardy and Umaga are pushing company officials to sign him to a contract.