word is
Meaning
(the) word is
Allegedly; it is said (that)...
Word is that the eatery will reopen soon under new management.
But the word is they were having problems with the new design.
Examples
Word is a shadow of a deed.
The best way to keep one's word is not to give it.
The difference between the right word and the almost right word is the difference between lightning and a lightning bug.
One written word is worth a thousand pieces of gold.
No word is ill spoken, that is not ill taken.
A spoken word is not a sparrow. Once it flies out, you can't catch it.