The professional wrestler, whose real name is Terry Bollea, is said to have made the remarks on a sex tape that he made with Heather Clem in 2012, in which he refers to himself as a racist.
"I guess we're all a little racist," he said about his daughter's boyfriend, according to joint reports from Radar Online and The National Enquirer. "I don't know if Brooke was f***ing the black guy's son. I mean, I am a racist, to a point, f***ing n***ers. But then when it comes to nice people and shit, and whatever."
However, his atrocious comments did not end there, and Hulk apparently said that if his daughter were going to be with a black man, he'd rather he was a rich one.
"I mean, I'd rather if she was going to f*** some n***er, I'd rather have her marry an 8-foot-tall n***er worth a hundred million dollars! Like a basketball player! I guess we're all a little racist. F***ing n***er."
In a reaction to his remarks, the WWE released a statement on Friday morning revealing that it has cut all ties with the wrestler.
"WWE terminated its contract with Terry Bollea (aka Hulk Hogan). WWE is committed to embracing and celebrating individuals from all backgrounds as demonstrated by the diversity of our employees, performers and fans worldwide," TMZ reported.
Although, an attorney for Hulk Hogan revealed to the gossip site that he was not fired, but rather he resigned on late Thursday evening.
In the wake of the scandal, Hulk has taken to Twitter to post a cryptic message about being caught in a storm.
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
The story is still developing, but we'll be sure to keep you updated.
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