Hulk Hogan's racist rant made several years ago has prompted the World Wrestling Entertainment to cut all ties with the wrestling legend, TMZ has learned.

Sources told TMZ that the WWE fired the Immortal One after getting wind of a transcript of comments made on his sex tape wherein Hogan angrily used the n-word to describe the man his daughter was dating at the time.

Hogan, whose Terry Bollea in real life, is currently in the middle of a lawsuit with Gawker over the tape. His alleged racially insensitive statements are expected to come out once the trial begins before the year ends.

The WWE released a statement on Friday morning confirming the decision to fire Hogan, which ESPN's Darren Rovell subsequently posted on his Twitter account.

"WWE confirms it has terminated its deal with Hulk Hogan," he said.

TMZ has apparently seen the tape, which showed Hogan discussing the music career of his daughter Brooke. The former wrestler repeatedly used the n-word while talking about an African-American guy his daughter was dating back then.

However, his attorney, David Houston, vehemently denied that Hulk Hogan's racist remark got him fired and told TMZ that he supposedly resigned from the WWE late Thursday night after learning that "the National Enquirer was going to publish a leaked transcript".

According to Bleacher Report, the six-time WWE champion has openly spoken about having one last match in Wrestlemania. Prior to being fired, he served as an ambassador for WWE after being away from the company for seven years.

While WWE chairman and CEO Vince McMahon obviously owes much of WWE's success to Hogan, it looks like his hopes of competing in Wrestlemania one last time have been dashed.

The wrestler most commonly referred to as "The Hulkster" has since apologized for the insensitive rant.

"Eight years ago I used offensive language during a conversation," the wrestling legend said in a statement that the New York Post obtained. "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," He continued.

"I am disappointed with myself that I used language that is offensive and inconsistent with my own beliefs," he added.