According to this story from Neil Davidson of The Canadian Press, Chuck Liddell may be on his last legs in the UFC. This quote, in particular, stood out.

"I've made it very clear to Chuck. Very clear," Dana White told The Canadian Press. "It's not about money, it's not about this, that. Chuck is one of my good friends. Chuck (has) cemented his legacy in the UFC and in the fight game. I'm not even saying if he wins, unless he looks incredibly impressive (in Montreal) -- I mean, he's going to have to go out there and dazzle me, for me to want Chuck to still fight."
 
I don’t know that I entirely agree with this. If I had to guess, I’m thinking it’s just White trying to send Liddell a message. Liddell will be able to fight in the UFC for as long as he wants. Especially because he’s still the biggest star in the sport.

I think it’s clear he’s not going to be a factor in the light heavyweight title picture, and it looks like his evolution as a fighter hasn’t kept up to speed with the sport, but he is still a huge draw.  As the UFC continues to expand globally, there’s a lot of value left in the Chuck Liddell brand.

He’s not a headliner anymore, but I think he still has a few years left in him, as long as the UFC helps him out with the fights he’s given. White can say it’s not about money, but he still has a lot of value for the UFC in that area and I wouldn’t expect him to get the boot while that’s still the reality, despite what White says.

This may be a moot point, though, as he should be able to "dazzle" against Mauricio "Shogun" Rua at UFC 97.