The Charlotte Observer reported the move saved the NFL club $2.375 million in salary cap space, much of it guaranteed.
"Ken Lucas has been a very valuable player for us over the last four years and played an important role on two playoff teams during that span," said general manager Marty Hurney. "This year, we have re-signed some veteran players and this move means some younger players will have an opportunity to step up. Ken is a true pro and we wish him the very best."
Lucas, 30, a second pick by Seattle out of Mississippi in the 2001 NFL draft, started 49 of the 50 games he played with Carolina after spending four years with the Seahawks.
He has recorded 24 career interceptions and 495 total tackles.