The team announced the deal Wednesday night, but the terms of the agreement weren't disclosed.
Bouye, who was a Pro Bowl selection in 2017, will miss the first two games of the 2021 season as part of a six-game suspension he received last year for violating the league's policy on performance-enhancing substances.
The veteran defensive back will be allowed to take part in off-season and preseason practices.
Bouye was a significant part of the Jaguars' run to the AFC Championship Game in the 2017 season. In that year, he set career highs in interceptions (six) and passes defensed (18).
The 29-year-old Bouye signed with the Houston Texans as an undrafted free agent in 2013. In 100 career games with the Texans, Jaguars and Broncos, he has recorded 338 total tackles, 14 picks and 72 pass breakups.
The Panthers have focused on improving their secondary this free agency. Earlier in the off-season, the Panthers signed veteran corner Rashaan Melvin to a one-year deal.