According to PWInsider's Mike Johnson, Gallows and Anderson were offered "multi-million-dollar deals," but want to go elsewhere, partly because of the lack of exposure and significant storylines they have been given by WWE since joining the company as a duo in 2016.
A source also told Johnson that Gallows and Anderson have been off WWE live events in recent weeks because of the lack of progress in contract talks.
In a follow-up, Johnson noted that the deals Gallows and Anderson turned down were for five years apiece. He also reported that while their intent is to leave WWE, things could change between now and the end of their contracts in September.
Sean Ross Sapp of Fightful tweeted that sources were "surprised" Gallows and Anderson decided to turn down new deals:
Sean Ross Sapp of Fightful.com @SeanRossSapp
As I posted on Fightful Select earlier this evening, sources I spoke to within WWE were actually surprised about the Anderson & Gallows news, and had expected them to re-sign because of Anderson specifically expressing how happy he was to get more time with his family
Gallows and Anderson signed with WWE in 2016 after three successful years as a tag team in New Japan Pro-Wrestling. The duo debuted on WWE programming a few months after their friend and former Bullet Club partner AJ Styles.
They made an immediate impact in WWE and teamed with Styles during his feuds against Roman Reigns and John Cena.
Gallows and Anderson went on to win the Raw Tag Team Championships at Royal Rumble 2017, but their reign was fairly short-lived. At WrestleMania 34, Gallows and Anderson dropped the titles to the returning Hardy Boyz in a multi-team ladder match.
Since that loss, Gallows and Anderson have received limited television time and have been featured in only a handful of matches of significance.
The 35-year-old Gallows is in his second stint with WWE, while the 39-year-old Anderson is in his first run with WWE after primarily making a name for himself in Japan.
Gallows and Anderson could go back to New Japan and be big-time players in the tag division since they are three-time IWGP tag team champions together. There may be an even better option available to them, however.
The formation of All Elite Wrestling gives Gallows and Anderson a potential landing spot that is run by some of their friends from New Japan, including The Young Bucks and Kenny Omega. It also features Chris Jericho, who is among their close personal friends.
AEW is building up a strong tag division that already features The Young Bucks, SoCal Uncensored, The Best Friends and likely the Lucha Bros.
Signing with AEW would also allow Gallows and Anderson to work in the United States. That could be an especially significant factor for Anderson since he has a large family.
Wherever they land, Gallows and Anderson will have plenty of options at their disposal if they leave WWE since there is seemingly more competition within the business than there has been in many years.
Listen to Ring Rust Radio for all of the hot wrestling topics. Catch the latest episode in the player below (warning: some language NSFW).