Pro Wrestling Sheet's Ryan Satin confirmed Malenko was out after eight years with the company, though the reason for his departure remains unknown.
Malenko was widely considered one of the world's most technically sound wrestlers during his prime with WCW. A staple of the cruiserweight division, he and Chris Jericho engaged in a fondly remembered feud.
The Iceman made the jump to WWE in 2000 as a member of The Radicalz but didn't enjoy much success in his new surroundings. Not surprisingly, WWE tabbed him for a backstage role when he retired in 2001.
Barrasso noted Malenko excelled at "booking tag matches, finding ways to highlight shorter talent, and his knowledge of a technical style that is far different from the WWE brand of wrestling."
Barrasso speculated All Elite Wrestling might be a good fit for the 58-year-old should he want to continue working in a similar capacity elsewhere.
Malenko's exit represents another notable behind-the-scenes move for WWE. Satin reported earlier this month Brian James, who wrestled as Road Dogg Jesse James, stepped down as the head writer for SmackDown Live and is working in another capacity.