I will keep this short. Nothing is confirmed but Sina Weibo is reporting that Kris is allegedly terminating his contract with SM a la Hangeng.

There has been no confirmation from either SM Entertainment or Kris himself. According to Sina, however, he has filed paperwork for termination of his contract with the courts. Everything is speculation at this point until we can get something more concrete. There are stories that he is currently back in Canada, but that could mean a lot of things.

Things are moving quick. According to this DAUM article SM is refuting the report from Sina of Kris' contract termination and saying they've never heard of it.

it looks like Sina Weibo has given the entire EXO fandom a pointless heart-attack for no reason. Allegedly, there was a mix up with this article about a Chris suing MNet. If so, this will be the biggest gaff in history. OP is happy this was all resolved in record time.

So apparently not yet over because Sina Weibo has now posted a scan they have of the lawsuit which allegedly cites Kris' name. /SIGH

Current developments: Sina Weibo is still insisting this to be true with alleged images of the lawsuit; SM has denied this lawsuit through DAUM; there are reports the Seoul Courts have said this is false through WStar News.

There are alleged reports that the Seoul Courts are now saying there is a lawsuit in their system under Kris' Chinese name. There have been no official responses coming from SM Entertainment.

There are reports that the Seoul District Court have allegedly confirmed that they have recieved a lawsuit from Kris to terminate his contract. There are currently no responses to media outlets from SM Entertainment.

SM Entertainment has now confirmed that there is a lawsuit and it has been filed and they will try their best to "resolve it". 

[TRANS] SM's Statement to TVDaily: Regarding the lawsuit of Kris' termination of his exclusive contract, we are still finding out the truth of it and it's a rather bewildering situation for us. We will do our best for EXO's promotions to be carried out smoothly.
크리스의 전속계약 해지 소송 건에 대해 사실 확인 중에 있으며, 매우 당황스러운 상황입니다. 엑소의 활동이 잘 이루어질 수 있도록 최선의 노력을 다하겠습니다"라고 입장을 밝혔다.http://tvdaily.asiae.co.kr/read.php3?aid=1400127592697899010