Wright is expected to a sign a two-year deal worth up to $3.5 million in the first season, according to NFL Media.
When he signs, Wright would join Torrey Smith as receivers the Panthers have added during the offseason. Wright is expected to be used as a slot receiver.
Wright rejoins Norv Turner, his former offensive coordinator in Minnesota who is now the Panthers' offensive coordinator.
Wright, 28, had 18 catches for 198 yards and two touchdowns in 16 regular-season games for the Vikings last season, and he added six receptions for 107 yards in two playoff games.
His best season came in 2014 when he had 42 catches for 588 yards and two scores for Minnesota.
"Jarius is not only a very good football player, but a tremendous person," Vikings general manager Rick Spielman told the Minneapolis Star-Tribune. "Tried to see if we could make it still work but understanding sometimes the business side takes over."