Carolina announced the transaction on Friday. The Panthers placed guard Amini Silatolu on injured reserve in a corresponding move. Panthers kicker Graham Gano has been limited in practice due to a knee injury.
Silatolu also has a knee injury.
Catanzaro, 27, made 11-of-15 field goal attempts and 23-of-27 extra point attempts in nine games this season for the Tampa Bay Buccaneers before being waived on Nov. 12. He hit 25-of-30 attempts in 2017 for the New York Jets.
Catanzaro entered the league in 2014 as an undrafted free agent signing by the Arizona Cardinals. He played three seasons for the Cardinals. Catanzaro has made 83.2 percent of his field goal attempts during his NFL career.
Gano, 31, made his first Pro Bowl in 2017. The 10-year veteran has hit 87.5 percent of his attempts this season and 90.9 percent of his extra points. Gano led the league by making 96.7 percent of his field goals in 2017.
The Panthers face the Cleveland Browns at 1 p.m. on Sunday at FirstEnergy Stadium in Cleveland.