"We've been in talks with them," Velasquez said (h/t Pro Wrestling Sheet's Ryan Satin). "They're going pretty good."
The 37-year-old added he'd be open to engaging AEW in a conversation as well.
Velasquez last fought in February, losing to Francis Ngannou in a first-round TKO. He appeared to suffer a knee injury as he unexpectedly fell to the mat and was unable to mount a proper defense to Ngannou.
Javier Mendez, Velasquez's coach, played down rumors of his retirement in April, but he appears ready to entertain a career change.
He made his debut at AAA's Triplemania XXVII in August, teaming with Cody Rhodes and Psycho Clown in a six-man tag match. He told Helwani he's signed for three appearances with AAA and can't make a larger commitment with a wrestling promotion at the moment.
Velasquez also worked out at WWE's Performance Center in July 2018.
"My experience here has been amazing," he told WWE.com's Ryan Pappolla at the time. "I'm just looking forward to being here and learning as much as I can. I've been a fan of the sport since I was a little kid, and now I get to participate in it."
Based on his overall popularity and track record in UFC—he's a two-time heavyweight champion—Velasquez is a natural candidate to make the jump from MMA to wrestling one day.