"I notified Marty that we would not be extending his contract beyond the 2020 season," Panthers owner David Tepper said in a news release.
"This was a difficult decision. Marty has been a valuable member of our franchise and there is no way to convey my level of respect for him. We sincerely appreciate his hard work over 19 seasons and wish him well moving forward."
The Panthers posted a 102-120 record in 14 seasons under Hurney. His contact was set to expire in June.
Hurney served as the Panthers' general manager over two separate tenures. He first had the role from 2002 through 2012, and returned as general manager in 2017. The Panthers made the playoffs four times under Hurney, including two division titles. They also appeared in Super Bowl XXXVIII.
He joined the Panthers in 1998 as director of football administration. He also served as director of football operations from 1999 to 2001.
"I want to thank Dave and Nicole [Tepper] for the opportunity to be a part of this organization over the last three seasons," Hurney said.
"I have a great relationship with Matt [coach Matt Rhule] and everybody in the building. I believe this team is well-positioned for the future and wish Matt, the players and the entire organization all the best."
The Panthers will face the Washington Football Team at 1 p.m. EST Sunday in Landover, Md., and then end the regular season with a home game Jan. 3 against the New Orleans Saints.