Smith, who turns 33 in May, has played all 11 of his professional seasons in Carolina and last year became the 35th NFL player to reach 10,000 receiving yards.

As part of a free-scoring offence under rookie quarterback Cam Newton, Smith made 79 catches for 1,394 yards - the fifth most in the league - and earned his fifth Pro Bowl selection.

"The Panthers wanted to try to lock him down for the future and Steve is simply ecstatic about being able to finish his career in Carolina," Smith's agent Derrick Fox said.

"He loves playing for coach Ron Rivera is excited about the things to come in Carolina. A lot of L.A. guys want to get back to the West Coast, but Steve and his family love living in Charlotte."