Packers general manager Brian Gutekunst announced the moves on Saturday.
Looney was a seventh-round selection by the Packers in the 2018 NFL Draft. The 6-foot-3, 287-pound University of California product spent the entire season on the Packers' practice squad before the promotion.
Perry, 28, has missed the Packers' last two games while dealing with a knee injury. He has 24 tackles, three passes defensed, 1.5 sacks and a forced fumble in nine games this season.
The Packers face the Minnesota Vikings in an NFC North clash at 8:20 p.m. on Sunday at U.S. Bank Stadium in Minneapolis.