Jerricho Cotchery joins Panthers

CHARLOTTE, N.C. -- Wide receiver Jerricho Cotchery signed a two-year contract with the Carolina Panthers on Thursday, the team announced.

Financial terms weren't disclosed, but a source told ESPN.com the deal is worth $5 million.

The Panthers made the announcement on Twitter, including a photo of Cotchery signing his new deal.

Cotchery makes it official! RT to welcome @cotcheryfoundat to #PantherNation! pic.twitter.com/AtZj8aEVzT

- Carolina Panthers (@Panthers) March 20, 2014The 11-year veteran caught a career-best 10 touchdown passes last season with the Pittsburgh Steelers. He chose Carolina over the Steelers two days after visiting with the Panthers' staff in Charlotte.

The Panthers were in desperate need of a veteran receiver after cutting Steve Smith last Thursday and losing Brandon LaFell (New England Patriots), Ted Ginn Jr. (Arizona Cardinals) and Domenik Hixon (Chicago Bears) in free agency.

The top receivers left on the team were Marvin McNutt and Tavarres King, neither with an NFL catch.

Cotchery has 437 career catches, including 46 last season. A former standout with NC State, Cotchery is more of a complementary player at this stage of his career.

The Panthers are expected to take a receiver with one of their first two picks in the draft, and possibly to sign another veteran in free agency.

Cotchery wore No. 89 at Pittsburgh, the number Smith wore at Carolina the past 13 seasons.

The loss of Cotchery costs the Steelers their No. 3 receiver as well as just one of 13 players who recorded double digits in touchdown receptions last season.

His departure also leaves the Steelers woefully thin at yet another position. Aside from Pro Bowler Antonio Brown, Markus Wheaton is the most experienced receiver on the Steelers' roster, and he played just 153 snaps his rookie season.

Cotchery joins Emmanuel Sanders (Denver Broncos) in signing elsewhere, making receiver even more of a priority in the draft as well as free agency.

The Steelers met with former New Orleans Saints receiver Lance Moore on Wednesday, and they could sign him to replace Cotchery as their No. 3 receiver.

Wheaton is expected to get the first crack at replacing Sanders in the starting lineup.

ESPN.com Steelers reporter Scott Brown contributed to this report.