Financial terms were not released.
Cotchery, 31, has spent 10 seasons in the NFL, the past three with the Pittsburgh Steelers. He had 46 receptions for 602 yards and a career-high 10 touchdown receptions in 2013.
Cotchery has 437 receptions for 5,558 yards and 30 touchdowns during his career. He was primarily a No. 3 receiver for the Steelers, starting eight games in three seasons.
The Panthers could use the help.
They released veteran Steve Smith in a salary cap move last week. Smith signed with the Baltimore Ravens.
Brandon LaFell, Ted Ginn Jr. and Domenik Hixon all left via free agency.
