Shockey, who was released by the New Orleans Saints last week, joins a Panthers squad that finished last in the 2010 season and an offense that had an NFL-worst 196 points.
"He is a highly competitive player with a good skill set and a wealth of experience. He should make a solid contribution to our offense."
Shockey had 41 receptions for 408 yards, both career lows, and three touchdowns in 13 games during an injury-plagued 2010 season with New Orleans.
He won a Super Bowl with the Giants in 2008 and then helped the Saints capture their first Super Bowl two years later.
(Reporting by Mike Mouat in Windsor, Ontario; Editing by Frank Pingue; To query or comment on this story email firstname.lastname@example.org)