The 23-year-old Hill, a second-round pick out of Georgia Tech in 2012, was cut by the Jets over the weekend after two disappointing seasons in which he caught a total of 45 passes for 594 yards and four touchdowns.
Hill, who stands 6-foot-4, 215 pounds, ran a 4.36 40-yard dash at the NFL combine. The Panthers open the season Sept. 7 at Tampa Bay.
Carolina cut linebacker D.J. Smith to make room for Hill on the roster.
- Chris Johnson