Cornerback Brandon Boykin's stay in Carolina lasted less than two months.
Boykin, who signed a one-year deal with $840,000 in March with the Panthers, was released on Monday.
The Panthers, who lost top cornerback Josh Norman to free agency, drafted cornerbacks in the second, third and fifth rounds of the draft.
The 25-year-old Boykin spent last season with the Pittsburgh Steelers and started one game.
Boykin was drafted in the fourth round out of Georgia by the Philadelphia Eagles. He earned a reputation as a dangerous return man on special teams and also played a solid defense recording eight interceptions with the Eagles.
He was traded to the Steelers before the 2015 season.