According to ESPN's Adam Schefter, the Seahawks will receive a 2017 undisclosed conditional draft choice in exchange for Norwood.
The Seahawks were planning on releasing Norwood ahead of Tuesday's deadline to cut rosters to 75 players, reports Wilson.
The Panthers were in need of a receiver after Kelvin Benjamin suffered a season-ending knee injury during a joint practice with the Miami Dolphins. The other receivers on Carolina's depth chart include Corey Brown, Ted Ginn Jr., Brenton Bersin and Jerricho Cotchery.
Norwood, 25, was a fourth-round pick by Seattle in the 2014 NFL draft. He played college football at Alabama. In nine games in his rookie season, Norwood had nine catches for 102 yards.
The Panthers open the season against the Jacksonville Jaguars on Sept. 13.
- Rohan Nadkarni and Kayla Lombardo