I would say this rumor is shaky at best.
There is no confirmed source, just something that a random website (Mediadailyla,com ?) that I have never heard of is reporting. It has been picked up by a few sites most notably Yahoo.com, here is what they are saying.
There’s a rumor going around, inside the Patriots, that Ochocinco has seen his FINAL WEEK as being a Patriot.
Some inside the Patriots are calling for the team to RELEASE the Wide Receiver, even though we’re in the final month of the regular season, as he’s shown that he’s a WASTE OF SPACE on the team. The idea is to cut him, and just sign a Wide Receiver out of free agency to fill in the space left by Ochocinco, or try to help the Patriots Defense, and get someone into the secondary.
Sounds more like a fan hoping than any actual inside information. Not saying that it isn’t true, but appears to me they are just throwing info out there and if it happens they can say I told you so.
Sort of how Stephen A. Smith said Lebron was going to Knicks 100% and then said Heat, he was just hedging his bets. From the information I have gathered there are no plans to release Ocho and to be honest he is the least of the Patriots problems right now.