The Panthers appear to be on the verge of cutting Steve Smith, the leading receiver in franchise history and one of the team's most popular players.
According to Ian Rapoport of the NFL Network, the Panthers are attempting to trade Smith -- a move often made by teams trying to get something for a player that intend to let go.
A Panthers spokesman would not confirm the report, saying there was "nothing new" to Smith's situation.
With Smith's $7 million cap hit and his declining numbers in 2013, the Panthers could have trouble obtaining anything of value for the 34-year-old Smith.
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General manager Dave Gettleman cast doubt on Smith's future last month at the scouting combine with a noncommittal response to a question about the franchise's all-time leading receiver. The two met last week, although no details have emerged about what was discussed.
If the Panthers plan to release Smith and designate him as a June 1 cut -- which is beneficial from a salary cap standpoint -- he has to be on the roster when the league year begins at 4 p.m. Tuesday, which is also the start of free agency.