Dave Meltzer reported in the Wrestling Observer Newsletter that the WWE side believes that Rhodes is trying to get a better deal from them with the idea being that he has leverage since WWE wants as much star power as possible for WrestleMania. It's also believed that he may be playing the "Brian Pillman game" or that this deal is not going to happen.
For those of you unaware, Pillman was able to work WCW into giving him a legitimate release so he could play up his "Loose Cannon" character. As part of the release, Pillman worked some shows in ECW but also started a bidding war between WCW and WWE.
In December when Rhodes appeared on Sammy Guevara's blog, he hinted about his 2022 plans: "I have no complaints, I am thankful to the fans that cheer me and I am thankful to the fans that boo me because both sets of fans are getting ready to go on a ride that’s just bizarre and it’s not the path that you think. We’re not doing what’s been done before."