We are told by several sources that he is undergoing his physical testing and upon passing, he will be signed. So, he has not signed yet, but will, barring any delays.
In the past, issues that came up during testing led to the delays in signing Daniel Bryan and Kassius Ohno and led to WWE yanking Nigel McGuinness' deal, so it's possible one could pop up.
Generico had pulled himself off Pro Wrestling Guerrilla's DDT 4 tournament in Los Angeles this weekend due to signing, but the promotion announced late today that he was back on despite "injury", which was his storyline exit. So, fans in California will get to see what may be Generico's potential final "home" indy date this weekend.
Generico is also booked for the debut of the Hart Family Legacy promotion in Calgary. We will have more on that event shortly.
As we noted earlier yesterday, WWE has a list of talents they are interested in signing. We have more details on that in the PWInsider.com Elite section.