The team has yet to confirm the deal. Sources told the NFL Network that McCoy agreed to a one-year contract worth about $8 million. The defensive tackle can earn up to $10.25 million based on playing time and other incentives.
The Panthers joined the list of teams vying for McCoy's services late, bringing him in for a visit last week after the defender met with the Baltimore Ravens and Cleveland Browns. According to ESPN, Carolina impressed him on his visit after he previously seemed destined to end up with the Ravens.
McCoy will stay in the NFC South and compete against the Bucs, who released him and gave his jersey number to Ndamukong Suh. Tampa Bay and McCoy "mutually parted ways" on May 20 after a tumultuous off-season.
With the expected signing, McCoy will join Pro Bowlers Kawann Short and Dontari Poe on the Panthers' defensive line as they convert from a 4-3 scheme to a 3-4.
McCoy has recorded 296 total tackles, 54.5 sacks and 140 quarterback hits in his career. He started 123 games in nine NFL seasons with the Buccaneers. The 31-year-old defensive tackle is a six-time Pro Bowl selection and four-time All-Pro choice.
The Panthers host Tampa Bay in Week 2 of this season before playing in London during Week 6.