Update: The Baltimore Sun is reporting a source close to the negotiations says an agreement has been reached that would keep McKinnie on the roster, but nothing has been finalized yet.
Per Wilson, McKinnie initially texted him confirmation that he was released, only to later say "it's not over yet."
The Ravens reportedly want McKinnie to take a paycut, which Wilson indicated McKinnie was amenable to doing, but the amount Baltimore wanted him to reduce it to was too much.
Wilson's tweet at 1:57 p.m. ET said the Ravens do not have a comment on this story yet.
There is also the tied in report that McKinnie's 2012 salary will be garnisheed to a certain extent, as part of payback for a loan McKinnie took out before the lockout in 2011.
Releasing McKinnie, who appeared to be back in shape after missing the first five days of training camp due to conditioning issues, would save the Ravens $2.2 million against the cap in 2012.