Velvet Sky is gone from TNA Wrestling but I'm told the company has been "desperately" trying to re-sign her. The issue is she does not want to re-sign until Chris Sabin's deal expires as well and both of them can see what kind of interest there still is from WWE (as the two are an item in real life).
Both received feelers from WWE previously but TNA's lawsuit against WWE makes things tricky and is preventing WWE from signing anyone from TNA. My source cautioned not to be surprised if Velvet returns to TNA but she's in no rush to re-sign and doesn't want to end up in one company with Sabin ending up in another.
TNA continues a "full court press" to get her to sign a new deal but so far, she's not caving. Another reason TNA wants her back is they feel if she re-signs, Sabin will re-up as well. I'm told company officials do not feel one will go to WWE without the other, which currently, is not even possible.