McCoy has found a new home after being released by the Buccaneers on May 20.
The Panthers are finalizing a deal with defensive tackle Gerald McCoy, The MMQB's Albert Breer reported on Monday.
McCoy's deal is for one year and worth $8.5 million, per ESPN's Adam Schefter.
McCoy, 31, was released by the Tampa Bay Buccaneers on May 20 after nine seasons with the team. McCoy was slated to make $13 million in 2019.
Tampa Bay drafted McCoy with the No. 3 pick in the 2010 NFL draft. The Oklahoma product is a six-time Pro Bowler with 54.5 sacks and 296 tackles racked up over his career.
The Buccaneers have struggled to win with McCoy, though, failing to reach the playoffs in each of the last 11 seasons. After hiring Bruce Arians as head coach on Jan. 8, the Buccaneers reportedly remained uncommitted to bringing back McCoy throughout the offseason.
McCoy recorded 17 solo tackles and six sacks in 2018.
Carolina finished the 2018 season 7–9, third in the NFC South.