In thinking about this more, I'm wondering why the Titans would ever want anyone to know they are claiming him. I assume that claims are not public. And, if they are, no team in its right mind would ever make a claim prior to 3:59 p.m.
The only thing that making it public can possibly do for you is bait a team below you into preemptively making a claim. Since the story comes from SI, I'm putting it at virtually a zero percent chance that it's not true, or at least that they have a source solid enough to run the story pursuant to actual journalistic standards.
But that would be very very strange. Could you imagine the Patriots organization ever letting this be known? I think there's more going on here -- potentially misinformation from the Titans to keep him off the Colts? In other words, maybe the Titans don't really want him, but are prepapred to claim him and pay $3.5 million to keep another competitor from getting him. But what they'd really like is a team below them also to make a claim, so they put this out there.