Worldwide Wrestling Entertainment has officially ended its contract with the Wrestlemania star after earlier deleting most references to him from its websites and promotional materials.
A report by America’s National Enquirer and Radar Online website detailed the contents of an unauthorised sex tape which allegedly shows Hogan – whose real name is Terry Bollea - making racial slurs and using the n-word.
“I guess we’re all a little racist,’ he is alleged to have said.
Hogan issued an apology to PEOPLE magazine, saying: "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."
WWE did not give a reason for its decision, but issued a statement saying it is: "Committed to embracing and celebrating individuals from all backgrounds as demonstrated by the diversity of our employees, performers and fans worldwide."
Earlier, social media was alight with rumours after wrestling correspondents noticed Hogan had been erased from the main WWE website.
World Wrestling Entertainment’s Hall of Fame was amended to remove Hogan and he has been left off a list of judges for the current Tough Enough competition series.
People were reacting on Twitter before full details were released by the Enquirer.
Hulk Hogan is the iconic wrestling figure of the 20th century, perhaps the biggest ever. For the WWE to disappear him is a BIG DEAL.— Marc Lamont Hill (@marclamonthill) July 24, 2015
The Internet is saying that Hulk Hogan has been recorded saying something so racist that WWE has scrubbed every mention of him from its site— Andy Khouri (@andykhouri) July 24, 2015
Holy hell, Hulk Hogan is wiped from WWE all together. Like vanished. Rumor is audio of him going on a racist tirade is to blame.— Cullen J. (@Cullenmon) July 24, 2015
British representatives of WWE declined to comment when contacted by The Huffington Post UK.
Meanwhile Hogan has tweeted a somewhat cryptic message.
In the storm I release control,God and his Universe will sail me where he wants me to be,one love. HH— Hulk Hogan (@HulkHogan) July 24, 2015