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Tight end Jeremy Shockey's one-year deal with the Carolina Panthers is worth $3 million, with $1 million guaranteed, a league source said Monday.

Wilcots: Shockey not finished

What does Jeremy Shockey bring to the Panthers? NFL Network analyst Solomon Wilcots says the tight end still can make an impact as a situational player.

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The deal also includes a $812,500 roster bonus and no signing bonus, making it team- and salary-cap-friendly.

Shockey, who was released by the New Orleans Saints last week, also received interest from the Miami Dolphins. He signed the contract with the Panthers on Thursday.

Shockey will be reunited with Panthers offensive coordinator Rob Chudzinski, who was his position coach at the University of Miami.

"Time for the Next chapter," Shockey wrote on his Facebook page after signing. "This is a great opportunity for me, and I am excited to play football."

Panthers coach Ron Rivera put an emphasis on acquiring a pass-catching tight end immediately after he was hired in January to replace John Fox following Carolina's 2-14 season. The flamboyant Shockey could be that guy, although the nine-year veteran has been slowed by injuries the past few seasons.

Shockey, who's 6-foot-5 and 251 pounds, made the in four of his first five seasons in the NFL with the New York Giants, but he also was known for brash comments and feuds with coach Tom Coughlin.

Shockey was traded to New Orleans before the 2008 season and caught a key touchdown pass in the Saints' victory one year later. But Shockey labored through injuries in all three seasons in New Orleans, and the Saints cut him loose with $4.2 million due to him in 2011, the final year of his deal.

If he can stay healthy, Shockey, who had 41 catches for 408 yards and three touchdowns in 13 games last season, will provide a target at tight end not seen in years in Carolina.

The Associated Press contributed to this report.