I'm told Alex Shelley has not yet signed a WWE contract despite rumors indicating the contrary. There is mutual interest from WWE and Shelley but the last I heard, they were waiting for the TNA lawsuit to be settled and the feeling is he would sign at that point.
Shelley is taking some time off but is working occasional indy dates as he's booked for domestic shows this month and in Japan in September. I'm told he's also done really well selling memorabilia to collectors through his personal Twitter account and website.
Alex is also taking some college classes as he recently enrolled after finishing up his contract with TNA. As for Shelley's support in WWE, I'm told one top name in favor of the company signing him is WWE Champion CM Punk.
6:46 PM EDT Update: Alex Shelley has been telling people close to him he wouldn't be interested in getting "seasoned" in developmental but would be open to a short-term stint before headed to the main roster. Also regarding his college, Shelley is actually graduating but still has one class he is finishing up. Many in WWE feel it's only a "matter of time" before he is signed.