Monday is the deadline for NFL teams to place the franchise tag on players. The cost of franchising a defensive end this offseason is expected to be around $13 million.
The Charlotte Observer reported that Carolina remains in discussions with Hardy about a long-term deal.
Hardy, 25, had a big season in 2013, collecting 59 total tackles, with 15 sacks and one forced fumble. He was a second-team All-Pro selection by the Associated Press.
“Greg was a big reason we were able to lead the league in sacks last year and keeps our defensive line intact. We are very pleased that Greg will be back with the Panthers next season," Panthers head coach Ron Rivera said.
Hardy was originally a sixth-round pick by the Panthers in the 2010 NFL Draft. SI WIRE: Report: Saints to use franchise tag on Jimmy Graham