Following an earlier report from Turn on the Jets that he had been released, the New York Post's Brian Costello checked into it:
We'll wait for official confirmation, but this may simply be a case where a decision has already been made but the paperwork has yet to be filed rather than an erroneous report.
Even if (or when) Holmes is (or was) released, the small possibility exists that the team is open to bringing him back at a much lower salary, but most of the media seems to be operating on the assumption that this won't happen. The team has remained typically tight-lipped on the subject.
Business has obviously picked up over the last couple of days though, so this is probably just another transaction you can expect to hear confirmation of in the days to come.