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.
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.