Holliday was released by the New York Giants from injured reserve on Monday. He had been placed on the injured list during training camp in August after signing with the team as a free agent this offseason.
The Panthers have been using rookie wide receiver Philly Brown as their kick returner and punt returner this season.
The possibility of finding a different returner has been discussed since Brown muffed and fumbled a punt against the Pittsburgh Steelers in Week 3, leading to a Pittsburgh touchdown in the Steelers' 37-19 win.
This week against the Chicago Bears, Brown picked up a loose ball on a punt return and ran it 79 yards for a touchdown, putting the Panthers up 7-0 in the first quarter in a game they eventually won 31-24.
Brown has averaged 12.8 yards per punt return and 21 yards per kick return this season. He was signed by Carolina as an undrafted free agent after this year's NFL draft.
The 5-foot-5 Holliday is best known for having two returns for touchdowns while playing for the Denver Broncos in their playoff game against the Baltimore Ravens after the 2012 season. He has two punt return touchdowns and two kick return touchdowns in the regular season in his three-year career.
The Panthers play at the Cincinnati Bengals this Sunday in Week 6.
- Ben Estes