The details are still coming in, but I've received word that Hulk Hogan has signed a contract with TNA Wrestling and will announce the deal this afternoon at a press conference from Madison Square Garden in New York City.

A source who is at Madison Square Garden has informed us that TNA Wrestling president Dixie Carter as well as several top TNA executives are at MSG for the announcement. There are Spike TV & TNA Wrestling banners at the press conference - this is about to go down in a BIG way.

UPDATE: PWInsider.com is now reporting that Eric Bischoff will be joining Hulk Hogan in TNA as well.

The following press release was issued today by Total Nonstop Action Wrestling and Spike TV:

HULK HOGAN JOINS TNA WRESTLING
Legendary Wrestler and Pop Culture Icon Returns To The Ring With Fast-Rising Wrestling Organization

"Hulkamania" is back! The biggest name in professional wrestling history, Hulk Hogan, is joining Total Non-Stop Action Wrestling (TNA), the fastest rising wrestling organization in the world and home to one of cable television's highest rated shows for young men, TNA iMPACT! The announcement was made today by TNA Wrestling in conjunction with Spike TV at a press conference held in New York City.

"Hulk Hogan is one of the world's top pop culture icons and the biggest superstar in the history of professional wrestling. We are truly excited to welcome him into the TNA family," said Dixie Carter, President of TNA Wrestling. "Our goal is to become the world's biggest professional wrestling company. Hulk defines professional wrestling and we look forward to partnering with him in a variety of ways as we continue to grow TNA globally."

"I'm thrilled to be jumping back into the world of professional wrestling," said Hogan. "My fans have been asking me to return to the business for many years on a full time basis, but the timing or the opportunity has never been right until now. TNA Wrestling is a great company with an already excellent fan base, business and broadcast partner. I firmly believe now is the time for some change at TNA as they are positioned to jump to the next level in their development and I'm here to work with Dixie to help make that a reality."

Through Hogan's partnership with Bischoff Hervey Entertainment Television, the deal with TNA was negotiated by longtime Hogan colleague Eric Bischoff. Additionally, BHE TV has inked a first-look deal with TNA and will be working with the organization to develop new programming extensions of the TNA brand.

"Hulk Hogan adds yet another level of star power that positions TNA iMPACT as Spike TV's version of 'Must-See TV' on Thursday nights," said Kevin Kay, president of Spike.

Hogan most recently penned an autobiography with Mark Dagostino, "My Life Outside The Ring" with St. Martin's Press.

TNA sources have indicated there have been at least preliminary discussions between the company and the legendary Ric Flair as part of the same deal that brought Hulk Hogan and Bischoff-Hervey Entertainment into the company.

- It should be noted that Hulk Hogan's tour of Australia next month, Hulkamania - Let The Battle Begin, will not be effected by the WWE Hall of Famer signing on with TNA Wrestling.

- The Hollywood Reporter has picked up the story on Hulk Hogan returning to professional wrestling to join TNA. (Hulk Hogan returning to pro wrestling)

- The Hollywood Reporter has picked up the story on Hulk Hogan returning to professional wrestling to join TNA. (Hulk Hogan returning to pro wrestling)

TNA have also signed Eric ****off.  

According to a source, Kevin Nash has been suspended from next week's TNA iMPACT! tapings.

The suspension is a result of Nash blowing up last week due to Chris Sabin's injury. Nash thought the match should have been stopped and then proceeded to go to the ring and cut an unscripted promo bashing the company.

All eyes were on Dixie Carter to see whether she would punish Nash over the outburst and that is what happened.

- TNA Wrestling's signing of Hulk Hogan has instantly put World Wrestling Entertainment in a troubling dilemma as their three-disc DVD set on the wrestling legend, Hulk Hogan's Unreleased Collector's Series, is due for release mere weeks from now.

Whenever a former WWE star signs on with TNA, they instantly become persona non grata in the company. For instance, the WWE website removed both Mick Foley and Victoria's profiles from its Alumni section shortly after their respective arrivals in TNA. Also, fan signs bearing the names of former WWE wrestlers in TNA are quickly confiscated by security and company personnel at live events. However, WWE has never dealt with having to release a major product on a performer employed to the competition before.

The DVD set, which features some of the rarest matches and moments from the WWE Hall of Famer's career for the first time, is set for release three weeks from now. It is highly unlikely that the DVD set will be pulled considering production of the title has more than likely been finalized by now. Furthermore, WWE DVD titles often begin circulating weeks before their official street date, so the title should be due for shipment any day now - if it hasn't already. As a result, WWE pretty much has no choice but to release the DVD set and promote it properly, otherwise they'll cost themselves millions of dollars.

The cover of the DVD was recently released, and you can see it at the following link.