Despite Jack Swagger's announcement that he had requested his release from WWE, he is still officially under contract with the company. Swagger noted that it's "an ongoing process" so he is clearly not officially free to work elsewhere.
As of this writing, his profile is still up on WWE.com but I suspect that an official announcement will be coming soon. WWE likes to announce releases on Fridays so that could be when WWE makes it official. There are some in WWE that believe that they were about to release him and he just beat them to the punch.
Swagger had told friends last year that he was looking at leaving and looking at the possibility of getting into MMA. He hasn't been featured on TV since late last year and he was working the live events until last month.
On Chael Sonnen's podcast, he also talked about wanting to wrestle in the UK, Mexico, and Japan.