First saw it from this Bruce Miles tweet..

@BruceMiles2112: Report Hendry out as #Cubs GM. Checking

This was at 10:10 AM today.

Also, on MLBTR at about the same time...

Jim Hendry is out as the Cubs' GM, according to Chicago sportscaster David Kaplan (onTwitter).

Hendry's contract runs through 2012, and to be honest I am suprised if these reports are true.  I mean I totally think he needs to be shown the way out, but didn't see it actually happeningNo complete verification yet, but let's see what happens.

UPDATE:  10:20 AM  

From twitter.....

@BruceMiles2112:  Official.  #Cubs fire Hendry

And

@BruceMiles2112:  #Cubs name asst GM Randy Bush interim GM