According to Dave Meltzer on Wrestling Observer Radio, Austin Aries apparently didn't ask for his release from the company as has been previously reported. He was said to be incredibly unpopular with the creative team and he himself not happy with the direction of his character.

He has the standard 90 day release in effect, which means he will get his downside until early October usually if a wrestler decides to quit the company it wouldn't have been so instant, so it's looking more like he was fired and happy about it. 

He is free to work approve indies until then and when the 90 days is up in early October he can go where he wants.